Monday, 16 October 2017

Oil prices rise amid Iraq tensions

Concern over oil supplies from Iraq has pushed crude prices higher as the country's government continues its move against Kurdish forces.

The price of Brent crude rose 1.6% to $58.12 a barrel, while US West Texas Crude climbed 1.4% to $52.16.

Iraq has the second largest output in the Opec oil producers' cartel.

Iraqi officials say they have seized oil installations near the disputed city of Kirkuk, but Kurdish officials deny this.

The country's oil ministry said oil and natural gas production in the region remained normal and that there was "an agreement with some Kurdish leaders that the oil and gas facilities should stay out of the conflict".

BBC         News.

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