Oil Prices Higher Amid Kurdish - Iraqi Conflict
- Trade Magnates Team
- Oct 20, 2017
- 1 min read
Trade Magnates - Oil prices are closing higher on Friday amid the ongoing tensions in the Kurdish region of Iraq and the decline in the number if oil rigs the U.S. produces for the third week in a row.
The market has witnessed a very volatile trading session following the impact of the current conflict in the Kurdistan region and the decline of the oil exports from Iraq’s Kurdistan to Turkey by over 60% of the usual export flows. Crude oil futures are settled at 51.50$ per barrel, while Brent at 57.60$ a barrel.
The ongoing conflict between Iraqi and Kurdish forces is impacting the market and raising investors’ concerns over the future price of Oil.