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Crude oil futures gapped up and soared to more than two-week highs on Monday, with prices supported by concern that tensions between Iraqi forces and Kurds will disrupt supplies.
November West Texas Intermediate crude jumped more than 1.2% to hit a session high of $52.37 a barrel on the New York Mercantile Exchange in early trade on Monday. The contracts eased back but soon resumed their upbeat moves, up 0.84 percent to trade at $51.58. Prices look set to close at the highest settlement price since September 27th.
Iraqi forces were reported to launch a campaign to retake control of the area surrounding Kirkuk on Sunday. The ethnically diverse area controlled by the semiautonomous Iraqi Kurdistan region is one of the nation’s key crude-producing hubs. Government troops reportedly took control of the North Oil Company, fueling an already intense dispute sparked by a Kurdish independence referendum last month and raising concerns over oil exports of Iraq – the second-largest oil producer in the Organization of the Petroleum Exporting Countries.
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