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Oil prices edged up on Tuesday, propped up by a drop in oil exports from OPEC's second-biggest producer Iraq and a predicted extended decline in U.S. oil inventories.
Brent crude futures traded up 5 cents at $57.42 per barrel after ending down 38 cents in the previous day. U.S. crude futures rose by 5 cents and traded at $51.95.
Exports from Iraq has declined by more than 200, 000 bpd so far this month, as shipments from both north and south of the nation fell.
Analysts said the market is currently pricing in more supportive factors, such as the tensions in the Kurdish region, the decline in U.S. rig counts and the possible extension in OPEC production cuts.
Crude oil exports via the Iraqi Kurdistan controlled-pipeline to the Turkish port of Ceyhan increased 13 percent to 2888, 000 bpd on Monday, but the volume was still less than 50 percent of the normal levels as tensions in the region persists, according to sources cited by Reuters.
The decline in Iraq supplies comes as OPEC and other producers are implementing a deal to lower output by around 1.8 million bpd until March 2018 in an effort to curb a glut and drive up prices.
