2017.09.1908:16:00UTC+00Crude Oil Rises On Iraq Minister Comments

Crude oil futures jumped back above $50 a barrel Tuesday morning amid increased appetite for riskier assets. Stocks have surged to record highs due to easing geopolitical concerns.

WTI light sweet crude oil was up 34 cents at $50.25 a barrel, near is highest in six weeks.

Talk of further OPEC supply cuts also lifted oil prices. Iraq's oil minister tells Bloomberg that the nation favors reducing output by another one percent in an effort to quickly end the global supply glut.

Meanwhile, Forbes reports: "The OPEC cuts and the correction to output remain healthy. Compliance is now up to 80% in the case of some members and 73% in Iraq's case. Overall picture seems to be bright and we sense improvement in market," Iraq's Al Lueibi told the Gulf Intelligence Energy Markets Forum in Fujairah, United Arab Emirates.

Traders await U.S. inventories data over the next two sessions. The American Petroleum Institute is out with its survey this afternoon, followed tomorrow by official data from the Energy Information Administration.