Oil futures lose ground in American trade

Oil futures tilted lower as the dollar index hit the highest since October 10, following an array of data from the US, the world's largest energy consumer, while markets price in the Kurdish Peshemrga's agreement to pull back to their 2003 borders in Iraq according to Sky News reporting. 

As of 07:11 GMT, US crude futures due on November 15 shed 0.37% to $51.68 a barrel from the opening of $51.87, while Brent crude futures due on December 15 shed 0.16% to $57.73 a barrel from the opening of $57.82, as the dollar index edged up 0.25% to 93.55 from the opening of 93.31. 

Earlier US data showed industrial production grew 0.3% in September in line with expectations, compared to a 0.7% drop in August, revised from a 0.9% fall, while the Capacity Utilization Rate rose to 76.0% from 75.8% in August, missing expectations of 76.2%. 

Oil prices are bouncing off three-week high, hit after the Federal Iraqi government seized oil fields in Kirkuk, which was disputed with Kurdistan, the region that announced independence from Iraq on September 25. 

Otherwise, US president Donald Trump refused to sign the ratification of Iran's commitment to the nuclear deal, which led to the reopening of the Iranian oil market and exports recently, with the move expected to lead to possible new economic sanctions and lower global supply. 

On another note, Russian foreign minister and his Iranian counterpart plan to meet later this week in Moscow to discuss the Iranian nuclear deal, amid expectations the meeting will include discussions about Trump's statements regarding the deal, and whether it will lead to complete US withdrawal from the deal or just amendments to it.