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Brent crude futures rose to 56.20 dollars a barrel by 12:19 p.m. EDT (1619 GMT), while U.S. West Texas Intermediate (WTI) crude futures gained 91 cents, or 1.8 per cent to 50.39 dollars.
Recep Tayyip Erdogan, the president of Turkey, threatened to cut off the pipeline that carries crude from northern Iraq to foreign markets as part of his opposition to an independence referendum in Kurdistan. "The moment we close the tap, then it's done", he added, though he stopped short of saying he would go ahead and block the roughly 550,000 barrels a day of landlocked Kurdish oil that flows to his country's Mediterranean port of Ceyhan.
Strong oil demand growth in emerging economies led by China and India, but also from Europe, is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday.
The current price action suggests that the argument for a bear market is being blown up by the aggressive buying.
Oil prices jumped to their highest for more than two years on Monday after major producers said output cuts were squeezing supplies.
WTI Crude Oil (Nymex) for November rose 3.08 percent to settle at $52.22 a barrel.
"OPEC has now decided they will "wait and see" what happens between now and their March meeting".
However, analysts are skeptical about further price gains due to higher oil output from the United States. On Friday it said the reduction had helped to lift oil prices by about 15% in the past three months.
Crude oil, Nigeria's biggest revenue earner yesterday hit $58 per barrel, the highest price in 2017, surging the country's excess crude earnings by $22.1 million in one day. When oil prices fell with the recovery in Nigerian and Libyan production during the second quarter, shale operators cut capital expenditure and output started to fall. "I think (Nigeria's oil - TASS) minister will make it public himself", he said.
The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of worldwide crude.
In May, OPEC and non-OPEC members led by Russian Federation agreed to extend production cuts of 1.8 million barrels per day for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.
The UN Security Council warned Thursday the referendum might destabilize the region still threatened by radical Islamic militancy. It called for "dialogue and compromise" between the Kurdistan government and the central government in Baghdad.
It was her 10th Emmy win overall, including producing credits on " Seinfeld ", "Old Christine" and " Veep ". She is now holding the record for having the most wins in the lead actress category with seven awards.
Senate Republicans have a very slim path to victory on Graham-Cassidy: If more than two Republicans vote no, the bill won't pass. But if it can get through the Senate, it may have a chance in the House of Representatives, also run by Republicans.
Notably Tesla is not working with Intel , which has enjoyed a long working relationship with Alphabet's Waymo vehicle group. Tesla now sources chips from NVIDIA that are crucial to its Autopilot semi-autonomous driving system.
There are widespread water and power outages, and the Florida Keys Aqueduct Authorities issued a precautionary boil water notice. The waters took their toll on Miami Beach and downtown Miami , leaving some areas in Brickell with waist-deep flooding.
On its website, the USGS said that it "cannot conclusively confirm at this time the nature (natural or human-made) of the event". The ban on textiles, North Korea's second largest export, is expected to cost the country around $700 million a year.
Liverpool will be without Sadio Mane for their Premier League clash with Burnley on Saturday, in what a big blow for the Reds . Jurgen Klopp's side haven't conceded a goal in their last four league games at Anfield.
Paris prosecutor Francois Molins told reporters the two suspects "were getting ready to carry out an imminent, violent action". In previous incidents in Marseille, a driver rammed into two bus stops last month , killing a woman, USA Today reported .
Looking at Palace's squad, they have enough players who will understand that, and they will suit Hodgson's approach quite well. Roy Hodgson is confident of turning Crystal Palace's fortunes around - but admits things may get worse before they get better.
Hurricane Maria moves north; Lee still far from land
As Maria makes its way north, residents of Puerto Rico are beginning to assess the full extent of the storm's destruction. And in the Harrisburg area, we probably won't see much of anything but unrelated, unseasonably-warm weather.
Repeal bill isn't looking out for all -- Bill Dagnon
But even if the handful of Republican senators who retain some conscience block it the underlying sickness of the GOP will remain. It was the second day that the president has taken swipes at McCain. "Great for Arizona.
Jacksonville Jaguars are worth over $2 billion
Rounding out the global top five, according to Forbes , is Manchested United ($3.69 billion) and FC Barcelona ($3.64 billion). The league owes this success to new stadium investments, stadium renovations and exuberating rights fees.
Delhi woman arrested for slapping army officer
When the Army driver honked a few times, the FIR claimed, Kalra slowed down and refused to allow the truck to pass. Realising that the situation might get out of hand, the woman walked towards her auto and sped off.
Manchester City hit six against Watford to go top
Three points tomorrow would be a real statement from Watford and put to bed a long, fruitless spell of games against City. They shouldn't be slept on in the Premier League and they'll cause problems for this Manchester City squad.
BSF jawan martyred in cease fire violation by Pakistan
They said that a bullet hit Bahadur on the left side of his abdomen and succumbed to injuries on the way to hospital. BSF troops guarding the border, retaliated the firing and gave a befitting reply while on civilian was also injured.
Hurricane Jose maintains Category 1 status
The NHC said Jose is about 435 miles east-northeast of the southeastern Bahamas and about 520 miles south-southwest of Bermuda. Some restrengthening should begin on Friday, and Jose is predicted to become a Category 1 hurricane again by the weekend.
Nasa's Cassini probe ends its 4.9bn-mile mission
The spacecraft is almost out of fuel, so mission managers wanted to dispose of Cassini safely while they still had control of it. The end of the mission is created to protect Saturn's moons Titan and Enceladus , which have the potential to support life.
Meteorologist Calms Fears of Jose's "Loop"
That means Hurricane Irma's ultimate path and eventual decay could play an important role in determining where Jose ends up. Hurricane-force winds extend up to 25 miles from the center and tropical-storm-force winds extend up to 140 miles.
Angelina Jolie: My kids worked hard on film set
I suspect Ung's book fills in those gaps, but Jolie's film has little of the visual and dramatic immediacy the page can't capture. Angelina and five of her six children hit the Toronto Film Festival red carpet for the premiere of The Breadwinner .