Oil lower as dollar firms; market eyes Iraq exports

Reuters, Singapore :
Oil prices fell on Thursday as the dollar strengthened, with investors keeping close tabs on developments related to the reduction of Iraqi Kurdistan oil exports.
Brent crude futures dipped 37 cents, or 0.5%, to $77.91 a barrel at 0300 GMT, while West Texas Intermediate crude fell 28 cents, or 0.4%, to $72.69 a barrel.
The dollar index, which generally trades inversely with oil, was 0.11% higher on Thursday at 102.75. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies. Producers have shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline, with more outages on the horizon, company statements showed.
But the Kurdistan-Iraq premium in oil prices could vanish sooner than expected, analysts from Citi said Thursday.