Crude oil prices edged up on Tuesday, extending sharp gains from the previous session on supply disruption risks from Iraqi Kurdistan and hopes that banking sector turmoil is contained, APA reports citing Reuters.
Brent crude futures settled at $78.65 a barrel, up 53 cents, or 0.7%. West Texas Intermediate U.S. crude settled at $73.20 a barrel, gaining 39 cents, or 0.5%.
On Monday, prices rallied more than $3 after Iraq was forced to halt exports of about 450,000 barrels per day (bpd) from its northern Kurdistan region through Turkey after an arbitration decision confirmed Baghdad's consent was needed to ship the oil.
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