Iran tension and doubts over Iraq supplies stabilise oil prices

Iran tension and doubts over Iraq supplies stabilise oil prices

US 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 futures were at $57.

The shipments from Kirkuk combine crude pumped by Iraq's state-owned North Oil Co. and by the KRG, and both flows are normal, Kirkuk Governor Najmaddin Kareem said Sunday. 82, 2.5 percent higher than last Friday's close and nearly a third above mid-year levels.

"Crude demand will climb an average 1.2 million barrels a day through 2022 and slow to 300,000 barrels a day in 2035 to 2040", OPEC Secretary-General Mohammad Barkindo also said on Sunday in Kuwait, giving a preview of OPEC's 2017 World Oil Outlook set to be released on November 7, Bloomberg reported. 78 per barrel, slightly down from their last settlement, but 2 percent higher than last Friday and nearly a quarter above mid-June levels.

Crude oil prices soared during the Monday session as tensions boiled over in the northern provinces of Iraq.

Iraqi Kurdistan briefly shut down some 350,000 barrels per day (bpd) of production from the major Bai Hassan and Avana oilfields due to security concerns.

"In the case of Kurdistan, the 500,000 bpd Kirkuk oil field cluster is at risk", Goldman Sachs said in a note to clients.

Some 1 million bpd of oil was cut from global markets during the previous round of sanctions against Iran.

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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.

Bloomberg's Lynn Doan reports on the price and production of oil, and on the impact of Iraq and Kurdish clashes on oil output.

Meanwhile in the US, the Energy Information Administration raised its crude-oil price forecasts for 2018 despite expectations of an increase in domestic production.

Disruptions to USA oil production from Hurricane Nate may support a risk-fueled rally in oil prices Tuesday, but concerns about global outages may be fading. The price for Brent crude oil, the global benchmark, was up 0.33 percent at 9:20 a.m. EDT to $58.10 per barrel. The cuts are likely to be shared again by non-OPEC members led by top oil producer Russian Federation, which lessened output joining OPEC from January.

The rate of compliance between OPEC and other participating countries was about 86%, reported Birol.

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

"The latest bout of geopolitical premium to strike the energy complex remains alive and well as oil prices build on recent gains", said Stephen Brennock, analyst at London brokerage PVM Oil Associates. It last stood at $7,110.5.

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