Iran tension and doubts over Iraq supplies stabilise oil prices

Crude Oil

During the previous round of sanctions against Iran, some 1 million bpd of oil was cut from global markets.

At the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 31 or 0.92 per cent to Rs 3,384 per barrel in a business turnover of 4,093 lots. It settled Tuesday at $51.88, its highest level since September 27 for a second session in a row and had climbed above $52 a barrel intraday, a level it has failed to retouch so far Wednesday.

In response, US crude climbed 0.9 percent to $51.92 a barrel, not far from $52.85 touched late last month - a level not seen since April.

"There are no prizes for guessing the current buzzword in the energy complex".

With Iraqi forces taking back the control of the oil-rich city of Kirkuk from Kurdish control there is fear that a new showdown in the region is imminent.

Approximately one million barrels per day (bpd) of oil were cut from the global market during the previous round of sanctions against Iran.

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NEW YORK, Oct 16 (Reuters) - World stocks rose on Monday and copper touched a three-year high as upbeat Chinese data drove optimism about the world's second biggest economy, while oil prices jumped as an escalation in fighting between the Iraqi government and Kurdish forces threatened supply.

Goldman Sachs said the Kirkuk cluster of oil fields, which pump about 500,000 bbl/d and extend from the autonomous Kurdistan region into northern Iraq, were at risk from the conflict. U.S. President Donald Trump last week refused to certify Iran's compliance over a nuclear deal, leaving Congress 60 days to decide on further action against Tehran. "Geopolitical risk is somehow priced in", he said. A week before, exports were 2.0 MMbbls per day.

The ramp-up in imports comes as US oil prices have dropped against Brent and Dubai DUB-1M-A, the benchmarks for Atlantic Basin and Middle East crude, making American oil attractive for Korean refiners. The deal was extended in May through March 2018 and participants have indicated in recent weeks they could potentially prolong the agreement through the end of next year.

-Investors are also awaiting an oil inventory report from the U.S. Energy Information Administration.

The American Petroleum Institute (API), an industry trade group, will release USA weekly petroleum inventory data at 4:30 p.m. EDT (2030 GMT), ahead of the government's report on Wednesday.

Among refined products, Nymex reformulated gasoline blendstock-the benchmark gasoline contract-was up 0.82%, at $1.63 a gallon.

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