Brent Oil Edges Up, Near 26-Month High Amid Supply Concerns

Brent Oil Edges Up, Near 26-Month High Amid Supply Concerns

Brent oil prices rose on Wednesday to sit not far off 26-month highs hit in the previous session amid threats from Turkey that it could cut crude exports from Iraq’s Kurdistan region.

Brent crude for November delivery LCOc1 was up 21 cents, or 0.4 percent, at $58.65 a barrel by 0240 GMT. It settled down 1 percent on Tuesday, after earlier hitting $59.49, its highest since July 2015 and more than 34 percent above a 2017 low.

U.S. crude for November delivery CLc1 rose 24 cents, or 0.5 percent, to $52.12, having settled down 0.7 percent after hitting a five-month high of $52.43 on Tuesday. Read More…

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