Oil is cheaper after upgrading highs Monday

© RIA Novosti / Vitaly to Timepiece in fotosannette the machine-rocking. Archival photoOil is cheaper after upgrading highs Monday© RIA Novosti / Vitaly to Timepiece the image Bank

The price of oil declines on Tuesday in the correction, while remaining at record highs reached a day earlier as traders were concerned about the possible termination of transit of oil from Iraqi Kurdistan after a referendum on autonomy, according to the auction.

According to trading as at 09.06 GMT the cost of December futures for North sea petroleum mix of mark Brent has decreased on 0,05% to 58.4 per barrel. A day earlier, the Brent crude peaked on 3 January in 58 dollars per barrel. The price of November futures for WTI crude oil fell by 0.25% to 52,09 dollars per barrel. In the course of trading Monday, the price of WTI has broken the record from April 19 to $ 52 per barrel.

The markets reacted to the threat by the Prime Minister of Turkey, Binali Yildirim on the possible termination of transit of oil from the Kurdish autonomy of Iraq in connection with the past there referendum on independence, citing concern for national security of Turkey. In addition, Iraq also called on foreign States to stop importing oil from the Autonomous Iraqi Kurdistan.

According to the latest data, in the referendum held a day earlier, more than 93% of the participants supported the region’s independence. At the moment the counting of votes continues, the official results will be announced on Thursday.

Investors continue to react to the results of the meeting of the Ministerial monitoring Committee on the implementation of the agreement OPEC+. The participants of the meeting expressed satisfaction with the level of transaction performance and undertook to monitor their exports. In addition, the Minister of oil of Kuwait Issam al-marzouq announced that the production of «black gold» in Libya and Nigeria is still not stable, but these countries expressed willingness to join the agreement OPEC+ as soon as this problem will be resolved.

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Oil is cheaper after upgrading highs Monday© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market

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