WTI Crude Oil: Oil rises 2% amid Iraq Turmoil

The futures for WTI Crude oil jumped more than 1.5%  to trade at $52.30 on Monday as Iraq's national army pushed forward overnight deeper into the area of oil rich city of Kirkuk.

The Iraq’s army is fighting to regain tight control of the Kirkuk area after Kurds voted for independence in a referendum last month.

Within oil producing cartel (OPEC) Iraq is the second-biggest producer and the areas of Iraq controlled by Kurdish minority are among the most productive in the country well equipped with energy infrastructure.