Oil prices were higher on Tuesday, bolstered by a decline in exports from Iraq, OPEC, and the second-largest producer, and an expected decline in US commercial oil stocks.
Iraqi oil exports have declined by more than 200,000 barrels per day in October, while the crude oil exports through Iraqi-Kurdistan pipeline to the Turkish port of Ceyhan rose by 13 percent to 288,000 barrels per day. In spite of this increase in Iraqi Kurdistan pipeline, only half of the regular levels as a result of political tensions in the Region was still.
U.S. WTI futures were 0.17 percent at 12:32 PM HK/SIN to trade at $51.98 per barrel. Brent crude oil futures were trading at $57.46 per barrel, a 0.16 percent increase. Traders are now questioning whether Iraq can increase its production before the month end, as promised, on Saturday, the Iraqi Minister Jabar al-Luaibi, a move that will weaken the oil prices would again.
Currency Market Movements
In the currency markets, the euro was up 0.14 percent against the dollar to trade at $1.1764 as traders continue to think about who will be the next Federal Reserve chair.
On Monday, US President, Donald Trump told reporters that he was “very, very close” to a decision. The appointment of a radical policymaker boost could the dollar during a quiet candidate of the greenback could lower.
The dollar was also down against the yen shortly after noon, during the Tuesday’s Asian session, trading at 113.36 yen, a decrease by 0.06 percent. The greenback also struggled against the Canadian dollar and the Swiss franc on Tuesday, sending the dollar index rose 0.13 percent to 93.73.