Oil leaps as Kurdish and Iraqi troops clash near Kirkuk

Oil leaps as Kurdish and Iraqi troops clash near Kirkuk

On Monday, oil started the week on a positive note, reacting to reports that Iraqi armed forces clashed with Kurdish troops near Kirkuk, thus driving worries over potential output disruptions in that region.

The province appears to be home to some of Iraq’s major crude fields. By the way, Iraq is considered to be the second biggest crude producer within OPEC behind Saudi Arabia.

The fighting burst out after a referendum in which the Kurds dared to vote overwhelmingly in favor of independence, thus defying regional powers, Bagdad and America.

Oil gained further support amid concerns that America will impose fresh sanctions against Iran following Trump’s statement that Iran didn’t comply with the 2015 nuclear agreement.

Brent crude futures grew to an intraday high of $57.90 a barrel, which is its best outcome since September 28.

American West Texas Intermediate crude futures rallied 1% hitting $51.97 a barrel, which is its highest value in two weeks.

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