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Oil Buoyed as Clashes Embroiling OPEC's No. 2 Member Curb Output
Tuesday, 17 October 2017 11:16 WIB | ENERGY |Minyak WTIIrak

Rising tensions in OPEC second-biggest producer as Iraq's government violently clashes with the semi-autonomous Kurdish region are sustaining oil's gains, for now.

Fighting in Kirkuk, home to Iraq's oldest-producing fields, has shut production from two deposits that pump a combined 275,000 barrels a day.

Brent for December settlement was at $57.83 a barrel on the London-based ICE Futures Europe exchange, up 1 cent at 11:44 a.m. Singapore time. The contract gained 65 cents, or 1.1 percent, to $57.82 a barrel on Monday. The global benchmark crude traded at a premium of $5.74 to December WTI.

West Texas Intermediate for November delivery was at $51.81 a barrel on the New York Mercantile Exchange, down 6 cents. Prices climbed 42 cents to $51.87 on Monday. Total volume traded was 58 percent below the 100-day average.

 

Source: Bloomberg

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