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Oct 24 2017, 09:58 PM (+06) | Fortfs.com

Oil futures traded higher on Tuesday, with market players looking ahead to fresh inventory data from the American Petroleum Institute due for release as of 20:35 GMT.

 

The US West Texas Intermediate crude contracts were up 0.09 cents, or 0.17 percent, to $51.99 per barrel as of 05:25 GMT. Brent futures added 0.09 cents, or 0.16 percent, to $57.46 a barrel.

 

On Monday, crude benchmarks settled in green territory as investors’ sentiment was supported by an ongoing conflict between Iraqi and Kurdish forces.

 

According to local sources, oil exports from Northern Iraq continued to drop due to disruptions, boosting prices as supply levels are likely to go down faster.

 

Over the weekend, shipping sources told Reuters crude flowing through Kurdistan’s via was around 200,000 barrels per day, down from regular levels.

 

Optimism among crude traders was also supported by the latest US oil rig count by Baker Hughes.

 

The oilfield services provider said Friday the number of oil platforms operating in the country declined by seven for a third consecutive week.

 

Meanwhile, traders also keep an eye on the Organization of the Petroleum Exporting Countries, which is set to define the future of its controversial output cuts agreement on November 30.

 

Ahead in the week, traders will be paying attention to official crude and refined products inventories from the Energy Information Administration on Wednesday and Baker Hughes’ oil rig count on Friday.

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