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Oil edges up due to decrease in Iraqi exports

Prices of oil were a little up today due to a decrease in oil exports from Iraq, OPEC’s number two producer, and a forecasted lengthy slump in commercial oil stocks in the United States.

Brent crude futures moved up to $57.47 per barrel this morning, which is 10 cents rise, following a 38 cents loss yesterday.

WTI crude futures grew by 6 cents attaining $51.96.

Exports of oil from Iraq have dwindled by over 200,000 barrels daily during the current month, with shipments from northern and southern parts of the country lessening.

Accompanying factors are considered more by the market at the moment, among them the Kurds issue, the reduction of the number of shale oil rigs in the U.S. and the probable prolonging of output restriction by OPEC, said Tomomichi Akuta of Mitsubishi UFJ Research and Consulting.

Crude going via the pipeline from Iraq to Turkey’s port of Ceyhan jumped 13% making up 288,000 barrels daily at the beginning of the week, however, that figure is two times less than ordinary volumes, which is because of the tense situation in the area, as a source dealing with shipments told Reuters.

At the end of last week Iraq’s oil minister claimed that exports from the southern part of the country were adding 200,000 barrels a day to compensate for the deficit in the north.


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