Crude oil futures end lower on Tuesday as Iraq resume Lukoil`s output
Crude oil futures ended lower on Tuesday as Iraq resumed crude flow from Lukoil's West Qurna oil fields, while the U.S. dollar gained ground after job openings data from the U.S. After a weekend shutdown due to a pipeline leakage, crude flow from Russian oil major Lukoil's West Qurna-2 storage tanks resumed toward the major Tuba depots. West Qurna-2, one of the world's largest oil fields, produces roughly 460,000 barrels per day and holds around 13 billion barrels of recoverable reserves - about 10% of Iraq's total output. Lukoil has a 75% operational stake, and the Iraqi government owns the rest.
Benchmark crude oil futures for January decreased $0.63 or 1.07% at $58.25 a barrel on the New York Mercantile Exchange. Brent crude for February delivery declined $0.55 or 0.88% to settle at $61.94 a barrel on London's Intercontinental Exchange.
