Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif.

Jonathan Alcorn | Reuters

Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif.

Oil markets took a breather on Tuesday after prices jumped more than 3 percent in the previous session, with Turkey threatening to cut crude flows from Iraq’s Kurdistan region to the outside world.

Global marker Brent hit a two-year high on Monday, helped by output curbs by the Organization of Petroleum Exporting Countries and other major producers, although U.S. crude has lagged behind amid concerns that U.S. production-growth could stoke oversupply.

London Brent crude for November delivery was up 8 cents at $59.10 a barrel by 0037 GMT. It settled up 3.8 percent on Monday, after earlier touching a 26-month high.

U.S. crude for November delivery was down 11 cents at $52.11, having settled up 3.1 percent after marking a five-month high on Monday.

Facebook Comments