Oil prices diverge on competing trends


Oil prices fluctuated Monday amid concerns about the potential for supply disruptions resulting from tensions in the oil-rich Kurdish region of Iraq.

Iraqi forces retook the oil-rich Kirkuk area, throwing into question Kurdistan's ability to export oil through Turkey and raising doubts about investments from big oil companies such as Chevron Corp.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange up by 0.82% to $51.84 per barrel. For the week, WTI prices rose about 0.8%, the second-straight weekly gain.

New Delhi, Oct 23 Crude palm oil prices fell 0.48 per cent to Rs 540.50 per 10 kg in futures trade today as traders booked profits amid fall in demand at the spot market.

Much will depend on demand to guide prices, with the US market tightening, flows from Iraq reduced due to fighting between government forces and Kurdish militant groups.

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In a speech Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an "accelerated pace", and demand will continue to rapidly grow in coming decades.

OPEC and other major oil producers such as Russian Federation and Azerbaijan reached an agreement in December 2016 to remove 1.8 million barrels a day from the market.

The drop in northern Iraqi shipments has supported global oil prices. The contract for October delivery, which ended trading on Thursday, closed up $1.52, or 2.99 percent, at $52.38 a barrel.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

The U.S. government is set to produce a weekly report on natural gas supplies in storage.

Earlier, oil prices rose slightly from Friday, boosted by data from Baker Hughes Inc. showing a third-straight decline in the number of active oil rigs, a proxy for drilling activity.