Oil prices has widened its backed down in a recovery process and collecting gains

On Tuesday the oil prices has widened its backed down in a recovery process and collecting gains, after Brent crude has recorded the highest level in 26 months later in the Asian market trading, and the American crude has recorded the highest level in five months, and the prices have recorded the highest level in many months after Turkey threatened about stopping the crude oil exports from Kurdistan Iraq provinces, and traders are waiting today for a primary data about crude oil that will be exported by the American oil academy in the US.

At 12:50 GMT Brent crude has backed down to the level 58.25$ for the barrel from the opening level 59.10$, and record the highest level since July 2015 59.48$, and the lowest level 58.11$.

The American crude has decreased to 51.85$ for the barrel from the opening level 52.11$, and record the highest level since 19 of April 52.41$, and the lowest level 51.78$.

Brent crude contracts “November contracts” has added by 4.2%, in a fourth daily gain respectively, with a biggest daily gain since 30 of the last August, and the American crude has increased by 2.9% with the biggest gain since 18 of August after Turkey threatened about stopping Kurdistan Iraq supplies.

The anger reaction about Kurdistan Iraq statehood, on Monday the Turkish president Rajab Tayib Erdogan has threatened to close the pipeline which carries the crude oil exports from Kurdistan to the international markets.

The pipeline is pumping about 500 thousand barrels daily to Turkish Jehan port on the Mediterranean Sea, and stopping this supplies with continues execution the international production decreasing deal by 1.8 million barrels daily from OPEC and independent producers, may Leeds to an inability of display for the first time in the market since 2014.

The questionnaire results will evaluate in about 72 hours, especially the Kurdistan’s people are about 15 to 20 % of the total of Iraq population which they are about 38 million population, are looking for building their private country.

The central government in Iraq consists that it will not make any conversation with Kurdistan province about the result of the questionnaire, and the nearby countries Iran, Turkey, KSA and Syria are rejecting this questionnaire.

Today a primary data about the crude oil will issue by the American oil academy in the US, in the middle of the expectation about increasing the stocks for the fourth week respectively, and tomorrow Wednesday the official data will issue by the American energy information management, and the expectation Leeds to an increasing by 2.3 million barrels.