Oil Above 52$ - Iraqi Troops Seize Parts of Kurdish Oil
- Trade Magnates Team
- Oct 16, 2017
- 1 min read
Trade Magnates -Crude futures rose up to 52$ after President Trump refused to certify that Iran is complying with its nuclear accord in addition to Iraqi forces seizing parts of the Kurdish oil.
The Iraqi government said its troops had seized Kirkuk airport and taken control of Iraq's North Oil Company. The seized area is a very active oil producer field accounts for around 200,000 barrels a day.
Moreover, worries over U.S. sanctions are increasing making investors uncertain of the market reaction as U.S. President Trump has refused on Friday to certify that Iran is complying with the accord despite the opinion of international inspectors who say it is compliant.
Investors and market analysts are watching closely whether or not a new sanction will be reimposed on Iran and how many bpd will be cut off this time.
Prices continued to raise as an explosion overnight in Louisiana’s Lake Pontchartrain at an oil rig and a 5 oil rigs has been cut off causing the production to reach the lowest count since June this year as have been claimed by energy service firms.