Mubasher: Crude oil prices rose by the end of Monday’s trade, on the back of positive data reflecting high commitment to the agreed output cut, amid speculations of a decline in the market supply.

Nymex futures for December delivery increased by 0.1% to the level of $51.90 per barrel.

Meanwhile, Brent futures declined by 0.7% to $57.36 per barrel, by 07:38 PM (GMT).

The data of the Organization of Petroleum Exporting Organization’s (OPEC) market watch committee showed that producers have showed biggest level of adherence to the crude oil output quota in September.

Last week, the number of US oil rigs decreased by 7 to a total of 736 rigs, according to the Baker Hughes.

The rise in oil prices comes as investors are anticipating the developments of the conflict near the oil-rich Kirkuk as tensions between the Iraqi army and Kurdish forces have been rising, with fears that the conflict could affect the output by the second biggest OPEC producer.

Iraq has recently increased oil exports from the southern Basra region by 200,000 barrels per day to make up for a shortfall from the northern Kirkuk fields, as reported by Reuters on Saturday

It was reported last week that crude oil output in Kirkuk has tumbled when two fields halted production as the Iraqi government troops pushed back Kurdish forces to regain control over the disputed area, with the halt expected to affect 275,000 oil barrels per day in production.