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Oil prices tumbled on Tuesday as traders sold for profit after days of gains and as expectations of a market rally that pushed Brent crude above $ 60 a barrel on the back of the prospect of an increase in US exports declined.
Traders said that Brent was also affected by Iraq's move to increase oil exports from the ports of the south 220 thousand barrels per day to 3.45 million barrels per day in order to compensate for delays in the supply of fields in northern Kirkuk.
At 0540 GMT, Brent crude futures were down 14 cents, or 0.2 percent, from the previous $ 60.76 per barrel but still not far from their July lows of earlier this week and up about 37 percent from the 2017 low Registered in June.
US crude fell 11 cents from the previous close to $ 54.04 a barrel. But it remains near its highest level since February, up about 28 percent from the June 2017 low.
Traders said there was a profit-taking after crude prices rose about 5 percent in October.
But confidence remains dominating the market, despite declines on Tuesday thanks to efforts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold about 1.8 million barrels per day of oil production in an effort to balance markets and support prices.Keywords: [You must be registered and logged in to see this link.]