Amsterdam — Oil prices largely held on to last week’s gains on Monday, supported by supply disruptions in Iraq and a drop in US drilling. However, the reduction in drilling rigs in the US could be temporary, analysts said, as activity had been restrained by hurricane threats. The number of US rigs drilling for new oil fell by seven to 736 in the week to October 20, the lowest level since June, energy services firm Baker Hughes said on Friday. Global benchmark Brent crude was trading at $57.56 a barrel at 9.57am GMT, down 19c. US West Texas Intermediate (WTI) crude was up 2c at $51.86. "The market is in a tug of war between short-term bullish drivers which are very true, very visible and very strong versus real concerns for the oil market balance for 2018," said Bjarne Schieldrop, chief commodities analyst at SEB Markets. One bullish factor is supply disruptions in northern Iraq, where tensions have been running high since the Kurdistan region’s vote in favour of independence last mo...
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