Crude ascends on tighter supplies

Crude ascends on tighter supplies

On Monday, crude rallied due to supply concerns in the Middle East. Additionally, the American market demonstrated further signs of tightening. Meanwhile, demand in Asia keeps going up.

Brent crude futures hit $57.87 rising 0.21% from their previous close.

American West Texas Intermediate crude futures reached $52.04 a barrel, gaining 0.39%.

Market experts point out that crude is staying above $50 because probable supply disruptions in the Kurdish region of Iraq underpin prices.

American oil output was also recently affected by a hurricane for the second time, while the overall number of American drilling rigs went down for the third week in a row.

The overall amount of American crude rigs drilling for fresh output sank by seven to 736 by October 20, which is the lowest outcome since June, as energy services company Baker Hughes disclosed on Friday.

In Asia, crude surge is still firm enough especially in India and China, which are one of the biggest crude importers in the world.  

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