Crude oil futures remained under pressure and exhibited mixed trend on Monday on reports that Iraq to mitigate the supply disruptions brought on by the Kurdish conflict. Iraqi forces recaptured disputed oil fields last week from the semi-autonomous Kurdistan region. Moreover, fall in US drilling activity too dampened sentiments. The number of U.S. rigs drilling for new oil fell by seven to 736 in the week to October 20, the lowest level since June. However, Oil has been steady above $50 lately, thanks in part to OPEC’s supply quota plan which may be extended through 2018.

Benchmark crude oil futures for December delivery ended higher by 6 cents at $51.90 a barrel on the New York Mercantile Exchange. However, Brent crude for December delivery weakened 38 cents to $57.37 a barrel on the ICE.

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