WTI Crude
58.69
Brent Crude
64.03
Natural Gas
3.08

Oil steady, supported by Iraq disruptions and drop in U.S. rigs

Written by Devika Krishna Kumar at Reuters

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NEW YORK (Reuters) – Oil prices were little changed on Monday as supply disruptions in Iraq dented exports by OPEC’s second-largest producer and U.S. drilling rates showed a slowdown.

Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows caused by a shortfall from the northern Kirkuk fields.

Brent crude LCOc1 settled at $57.37 a barrel, down 38 cents. U.S. West Texas Intermediate (WTI) crude CLc1 ended the session up 6 cents at $51.90 a barrel.

“It seems like there’s an awful lot of competing drivers … and crude seems confused,” said Stewart Glickman, head of energy research at CFRA Research in New York.

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Written by Devika Krishna Kumar at Reuters

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