Oil prices has increased due to fears of stopping oil supplies from Kurdistan Iraq


On Tuesday oil prices has increased in the Europe market to continue its increasing for the third day in row, near the highest level in three weeks, in the middle of increasing the fears of stopping oil supplies from Kurdistan Iraq province, with continue fighting between Iraqi and Kurdish forces for oil fields in Kirkuk, and prices found a support from the political tensions between the US and Iran.

At 8:55 GMT the American crude has increased to the level 52.15$ for the barrel from the opening level 51.9$, and record the highest level 52.18$, and the lowest level 51.66$.

Brent crude has increased to the level 58.10$ for the barrel from the opening level 57.88$, and record the highest level 58.17$, and the lowest level 57.62$.

 

 American crude oil has added 1.0% at yesterday trading, in a second daily gain respectively, and record the highest level in three weeks at 52.35$ for the barrel, and Brent contracts have increased by 1.3%, and record the highest level since 27 of last September 58.46$ for the barrel.

 

Iraqi forces continue its forwarding to Kirkuk to extract the control on oil fields from Kurdish forces, with increasing the crisis between the Central government in Iraq and provincial government in Kurdistan, in the questionnaire which was on province independent in 25 of last September.

 

The reports said that Kurdish government has stopped 350 thousand barrels daily of the main field’s production by Hassan and Avana because of the security fears, and Kirkuk pumps about 600 thousand barrels daily, and the country is under the control of Kurdistan province, and the province is dependent on pipelines to Jehan port in Turkey to pump the supplies to the international markets.

 

In US the American president Donald Tramp has refused to credence about Tehran is committed with nuclear agreement despite the witness of two international inspectors, and that’s renewed the probability of making a new punishment to Iran Leeds from Iranian oil exports.

 

From other side Bank of America Merrill Lynch has increased the expectation of oil prices during the last quarter of this year, and that makes a probability for inability by 230 thousand barrels in the global displays, and increasing Brent crude price from 50$ to 54$ for barrel, and for the American crude the Bank expects 49$ from 47$ for the barrel.