Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in the market and should remain, Iraqi Oil Minister Jabbar al-Luaibi said Saturday. Yet, Brent crude at $70 a barrel may be giving fresh stimulus to U.S. shale-oil drillers to boost output, according to the International Energy Agency. Oil has extended gains after a second annual advance as the Organization of Petroleum Exporting Countries and its allies curb supply to drain a global glut. Though they have said the historic deal will run until the end of this year, OPEC is “very likely to cut short” the pact if markets become balanced, JP Morgan Securities said in a report. Click Read More below for additional information.

Iraqi forces advanced toward the disputed city of Kirkuk, as the government sharply intensified its efforts to stall moves toward a Kurdish state by seizing the oil fields that would underpin its economy. Crude exports from the disputed area were flowing normally on Monday. State-run Iraqiya television said the military had also captured a refinery, a gas plant and a main road in Kirkuk, which has emerged as a flashpoint in the power struggle between the federal government in Baghdad and the Kurdistan Regional Government. The Associated Press reported that Kurdish fighters had abandoned their positions outside Kirkuk’s airport while civilians were fleeing the city, where sporadic gunfire could be heard. Click Read More below for additional information.

Futures in New York rose as much as 0.6 percent after adding 2.5 percent in the past three sessions. An industry report showed U.S. inventories fell last week, with government data Wednesday forecast to show a fourth straight drop. Crude’s recent gains have been driven by fighting between the Iraqi government and Kurdish forces in the oil-rich Kirkuk region, which could stoke tensions beyond the country’s borders. Iraq is just one of the oil market’s geopolitical risks, with uncertainty also growing over tensions between Iran and the U.S., Goldman Sachs Group Inc. said Tuesday. The Persian Gulf nation said it would support an extension of OPEC output cuts to the end of 2018 and insisted its production plans won’t be disrupted by U.S. President Donald Trump’s disavowal of the nuclear deal that’s boosted its exports. Click Read More below for additional information.