Parkmead Tweet17 Oct 2017 17:56
Oil rises 1 percent as Iraq fighting shuts output in Kirkuk
Julia Simon
NEW YORK (Reuters) - Crude prices rose 1 percent on Monday as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC’s second-largest producer.
“We’re seeing increased geopolitical tension in the Middle East providing support in the market today, namely in Iraqi Kurdistan, and some uncertainty around Iran,” said Anthony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota.