Mubasher: Oil prices went up by the end of Monday’s trade, as Nymex crude registered its highest close in three weeks, amid a rise in tensions between the Iraqi army and Kurdish forces near Kirkuk.
Nymex futures went up by 0.8%, and closed at the level of $51.87 per barrel, recording its highest close since 27 September.
Brent crude futures increased by 1.2% to $57.85 per barrel, by 07:44 PM (GMT).
An official from the Iraqi oil ministry said that Iraqi forces has regained control over disputed areas from the Kurdish forces near Kirkuk, which rose concerns regarding supplies from the second biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).
Meanwhile, geopolitical risks also increased after the US president Donald Trump has threatened not to certify the Iran nuclear deal and terminate it if the Congress and US allies do not reach a solution under the plan presented by his administration.
