LOC22:25
19:25 GMT
NEW YORK, Oct 20 (KUNA) -- US crude oil futures contracts dropped Friday 1.2 percent after Iraqi forces took control over major oil fields northwest Kirkuk coupled with Iraqi oil ministry's announcement that production would resume next week.
In New York, crude oil prices for November contracts dropped 22 cents to USD 51.07 per barrel while September contracts decreased by 15 cents to USD 51.36 pb.
Brent December delivery dropped nine cents, or 0.2 percent, to USD 57.15 pb.
Russia's Rosneft company agreed to invest USD 1.8 billion in the major oil pipeline in Iraq's Kurdistan, a matter that would guarantee smooth oil supply.
Kurdistan's average oil exports amounted to 240,000 barrels per day. But exports stopped last Wednesday due to the dispute with the Iraqi government.
Oil prices dropped two days ago amidst reports that shale oil production would increase in the US. (end)
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