Oil prices climb on conflict in Iraq


USA crude rose 1.3 percent to $52.16 a barrel, not far from $52.85 touched late last month - a level not seen since April.

Brent crude for December LCOZ7, +0.57% gained 28 cents, or 0.5%, to $58.09.

Experts believe that the conflict over Iraqi Kurdistan's secession from Iraq has more concrete effects on oil prices across the globe, a Farsi report by Tasmin News Agency says. 82, 2.5 percent higher than last Friday's close and nearly a third above mid-year levels.

Cautious money managers cut bets on rising WTI crude in the week ended October 10, U.S. Commodity Futures Trading Commission data showed. 78 per barrel, slightly down from their last settlement, but 2 percent higher than last Friday and nearly a quarter above mid-June levels.

The common explanation given today by most analysts for the rise in Crude Oil is the military clash between Kurdish and Iraqi army forces near Kirkuk, an important oil producing region in northern Iraq.

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According to some reports, Kurds had shut down some 350, 000 barrels per day (bpd) of production from major fields Bai Hassan and Avana because of security worries.

With the global economy growing and oil demand expected to grow by 1.45 million barrels a day this year, oil market indicators are "rapidly improving", he added.

OPEC and other key producers chose to curb oil output by 1.8 million bpd from January this year to March next year.

Goldman Sachs said that while oil output from the Kurdistan region was potentially at risk due to a standoff with Iraq, tensions between the United States and Iran remained a larger and longer term threat to global supply.

And though the US has hardened its stance against Iran, there's still "high uncertainty" over whether it'll reimpose sanctions curbing the Middle East country's crude supply.

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Various analysts are also revising the oil price predictions as the global crude market continues to tighten.

Along with these political developments, oil prices are also supported from the ongoing supply cuts to OPEC.

Birol said the rate of compliance by OPEC and its partners in their targeted cutting of about 1.8 million bpd between January this year and March 2018 was about 86 percent.

The euro slipped 0.2 percent to $1.1799 and was poised for its third straight day of losses on lingering concerns about the eurozone after a conservative Austrian leader secured a victory in parliamentary elections at the weekend.

The dollar bounced back to 112.07 yen, from Monday's low of 111.65, which was its lowest since September 26.

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The IMF last week upgraded its global economic growth forecast for 2017 by 0.1 percentage points to 3.6 percent, and to 3.7 percent for 2018, from its April and July outlook, driven by a pickup in trade, investment, and consumer confidence. It last stood at $7,110.5.