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Oil ticks higher on tighter US market, supply concerns in the Middle East

Oil ticks higher on tighter US market, supply concerns in the Middle East

Oil prices rose in Asia on both sides of the Atlantic on concerns of supply disruptions in the middle east and on signs of tighter US market.

At the time of writing, WTI oil is up 0.40 percent or 21 cents at $52.05/barrel. Brent is up 16 cents or 0.28 percent at $57.90/barrel.

The Baker Hughes data released on Friday showed oil rigs drilling for new production fell by 7 to 736 in the week ended Oct. 20. As per Reuters report, the rig count was the lowest since June.

Meanwhile, the threat of possible supply disruptions in the Kurdish region of Iraq is also keeping the oil prices well bid.

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