Crude oil futures up Rs 31 on positive Asian cues

Iraqi Oil Worker Works In Refinery

The global benchmark crude traded at a premium of $5.99 to WTI for December.

Analysts forecast USA crude inventories declined by about 4.2 million barrels in the week to October 13.

US crude rose 0.82 percent to $51.87 per barrel and Brent was last at $57.86, up 1.21 percent on the day.

"In the case of Iran, there are likely no immediate impacts on oil flows and there remains high uncertainty on potential reintroduction of United States secondary sanctions". For 2018, The EIA forecasts crude prices around $50.57, up 2% from the previous outlook and production to increase 0.8% to 9.92 million barrels a day.

U.S. West Texas Intermediate (WTI) crude futures were at $51.78 per barrel, down slightly from their last settlement, but still over 2 percent higher than last Friday and nearly a quarter above mid-June levels.

Escalating tensions between Iraq's central government and the semi-autonomous Kurdish region have boosted crude prices in recent days, amid concerns the conflict could crimp exports from the area.

Conflict would hit oil exports from Iraqi Kurdistan, now estimated at around 650,000 barrels per day.


After Iraqi government forces captured the major Kurdish-held oil city of Kirkuk on Monday in a response to Kurdish independence referendum, which increased concerns about oil supply, the oil prices held near their highest levels in nearly three weeks.

"It remains to be seen whether the Kurds, after withdrawing from the region they claim to be entitled to, will allow crude oil to be transported by pipeline across their territory to the Turkish Mediterranean port of Ceyhan", said analysts at Commerzbank. With supply cuts led by the Organization of the Petroleum Exporting Countries tightening the market, analysts have been raising their oil price forecasts.

Initial estimates Tuesday from the American Petroleum Institute, an industry group, showed a 7.1 million barrel decrease in crude supplies last week.

Crude oil inventories matter for traders watching the supply-side pressures that pushed oil prices below $30 per barrel past year fade away.

OPEC producers have struggled to maintain caps on their output quotas, and Iran has said it supports an extension of the current production cut deal to the end of next year.

The euro slumped 0.2 percent to $1.1798, while the dollar index rose 0.16 percent as investors repositioned following disappointing inflation data on Friday that sent the greenback lower. "These issues remind us oil and geopolitics are very much interlinked and it will remain so".

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