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Oil prices fall for second day after Kurdish referendum

Petrol pumps
Oil prices petrol pump [File photo]

Oil prices continued their losses for the second day in a row today, affected by Turkey’s repeated threats to cut crude oil exports from Iraq’s Kurdistan region.

Barrel prices reached $60 on Monday for the first time since June 2015.

The unexpected drop in US crude stocks helped keep prices at the 26-month high this week, according to a Reuters report.

US stocks fell 761,000 barrels last week as refiners boosted production, beating market expectations for a fourth straight week.

Read: Kurds vote ‘yes’ to independence

The US dollar’s rise to a one-month high against the euro, after the US Central Bank chief hinted at continued increase in interest rates on commodity markets, has weakened oil prices.

Brent crude for November delivery were still 31 cents lower at $58.13 a barrel, while US crude for November delivery has not changed and settled at $51.88 a barrel.

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Asia & AmericasEurope & RussiaIraqMiddle EastNewsTurkeyUS
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