Oil slips after entering bull market on Kurdish export threat

#oilwire - Oil prices slipped after entering a bull market amid heightened geopolitical tensions in the Middle East, while Trafigura Group and Citigroup Inc. both warned of a looming supply squeeze.

Crude in New York fell 0.7% as traders cashed in after yesterday’s 3.1% surge. The oil market is nearing the end of the “lower-for-longer” era, with a shortage likely in 2019, trading house Trafigura said Tuesday. In Turkey, President Recep Tayyip Erdogan threatened to “close the valves” on oil shipments from Kurdistan after the Iraqi region held a vote on independence.