Crude extended gains from the highest close in two weeks as speculation mounted over potential output disruptions in a region that’s home to Iraq’s oldest producing oil fields, Bloomberg reports.
Iraqi soldiers seized facilities including a refinery after mobilizing late Sunday to take fields near the northern city of Kirkuk from Kurdish forces. Their advance comes amid clashes following an independence referendum by the semi-autonomous Kurdistan Regional Government, or KRG, on Sept. 25.
Brent for December settlement rose as much as 96 cents to $58.13 a barrel on the London-based ICE Futures Europe exchange, and traded at $57.92 as of 10:40 a.m. local time. Prices climbed 92 cents to $57.17 on Friday. The global benchmark traded at a premium of $5.53 to West Texas Intermediate for the same month.
WTI for November delivery advanced as much as 79 cents, or 1.5 percent, to $52.24 a barrel on the New York Mercantile Exchange, after gaining 1.7 percent on Friday. Total volume traded was about 10 percent above the 100-day average.