Crude oil futures settled higher on Tuesday as traders took a cautious approach after oil export deal between Iraq and Turkey stalled due to debt repayment guarantee issues. Earlier, Turkey and Iraq agreed to restart oil exports from Kurdistan - a semi-autonomous region of Iraq - via a pipeline to the Turkish coast. This arrangement was supposed to pave the way for around 230,000 barrels per day of oil flooding the markets.
Benchmark crude oil futures for November gained $1.13 or 1.81% at $63.41 a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased $1.06 or 1.59% to settle at $67.63 a barrel on London's Intercontinental Exchange.
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