Mubasher: Oil prices settled by the end of Tuesday’s trade, amid rising conflicts in Iraq near the oil-rich Kirkuk, as well as the tensions between the United States and North Korea.
Oil has maintained levels near its highest close in three weeks, as Nymex futures for November delivery settled at $51.88 per barrel.
Meanwhile, Brent crude oil futures declined by 0.6% to the level of %57.49 per barrel, By 7:35 PM (GMT).
Investors are awaiting the data regarding the US oil stockpiles, which will be revealed on Wednesday.
Bloomberg has reported on Tuesday that Kurdish KAR Group stopped pumping crude at the Avana and Bai Hassan deposits after technicians failed to report for work and security guards left amid the fighting, as the Iraqi government troops pushed back Kurdish forces to regain control over the disputed area.
The halt could affect 275,000 oil barrels per day in output, according to estimates compiled by Bloomberg, however, the Russian energy minister Alexander Novak told journalists on Tuesday that Russian companies will be able to continue their projects in Iraq.
