Tokyo — Oil prices extended gains on Tuesday, with Brent crude hitting a 26-month high, supported by Turkey’s threat to cut crude flows from Iraq’s Kurdistan region to the outside world. London Brent crude for November delivery was up 46c at $59.48 a barrel by 3.56am GMT after settling up 3.8% on Monday. Earlier it hit $59.49, the highest since July 10, 2015. US crude for November delivery was up 15c at $52.37, after hitting $52.43, a five-month high. Brent’s rise meant it extended gains for a fifth straight day, jumping from just more than $55 a barrel a week ago, as Opec and non-Opec producers confirmed the market was well on its way towards rebalancing, while oil demand looked strong. Also fuelling the jump on Tuesday was Turkish President Tayyip Erdogan’s threat on Monday to cut off the pipeline that carries oil from northern Iraq to the outside world, intensifying pressure on the Kurdish autonomous region over its independence referendum. The pipeline to Turkey’s port of Ceyhan...
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