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Oil prices slip after a steep rally

Oil prices dipped on Wednesday’s trade after Brent Crude hit a 26 month high during a rally fuelled by Turkey’s threat to cut crude exports from Iraq’s Kurdistan region as well as signs that market rebalancing is accelerating.

Brent crude futures fell 79 cents, or 1.3%, to USD 58.23 a barrel by 2:24 p.m. ET (1824 GMT), having earlier hit USD 59.49, the highest since July 2015 and more than 34% above the 2017 low.

US crude WTI futures ended Tuesday's trade down 34 cents at USD 51.88 a barrel, after hitting a five-month high of USD 52.43 a barrel.

Turkish President Tayyip Erdogan threatened on Monday to cut off the pipeline that carries 500,000-600,000 barrels of crude per day from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum.

The US Energy Information Administration said that production from wells in shale formations will rise for a 10th month in a row in October.