Crude inches up, backed by dip in southern Iraq exports

Crude inches up, backed by dip in southern Iraq exports

On Tuesday, crude ascended, gaining support from a tumble in crude exports from OPEC's number two producer Iraq as well as a projected extended dive in American commercial crude stocks.

In London, December delivery crude futures tacked on 5 cents hitting $57.42 a barrel.

December delivery American crude futures also gained 5 cents trading at $51.95.

This month Iraqi crude exports have declined more than 200,000 barrels a day because shipments from both north and south of Iraq went down.

On Monday, US Secretary of State Rex Tillerson urged the Kurdistan region and the Iraqi government to tackle their conflict over Kurdish self-determination as well as disputed territories through dialogue.

The decline in supplies from Iraq comes because OPEC, Russia as well as other producers are reducing output by nearly 1.8 million barrels a day until March 2018 in an attempt to tame a glut and underpin prices.


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