London Brent crude for November delivery was down 8 cents at $56.78 a barrel by 0614 GMT, near the highest since March.
Erdogan's threat to shut off the main pipeline in northern Iraq comes as the region held an independence referendum to see whether it should become an autonomous Kurdish region, something the Turkish President strongly opposes.
Iran expects to maintain overall crude and condensate exports at around 2.6 million bpd for the rest of this year, a senior official from the country's state oil company said.
In backwardation, prices for future delivery are cheaper than the cost of oil for immediate shipment.
Oil prices jumped to their highest for more than two years on Monday after major producers said output cuts were squeezing supplies. West Texas Intermediate, the US benchmark for the price of oil, was down 0.77 percent to $51.82 per barrel.
"While the risks of a few countries aggressively increasing production next year still exists, the recent discussions are supportive of our base case forecast of a gradual ramp up in OPEC production next year from March onward", analysts at Goldman Sachs said in a note.
The prospect of losing that supply, combined with the 1.8 million barrels a day of supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers, has raised supply fears, analysts said. Major oil producers convening in Vienna for an OPEC-led committee meeting on Friday boasted record compliance with their production-cut agreement, but, as expected, chose to wait a bit longer to see if any further action was needed. West Texas Intermediate crude remained about $4 below its 2017 high, but topped $51 a barrel for the first time in four months.
The wellhead was uncapped, and oil gushed higher overnight with Brent rising almost four percent and WTI three percent.
Mr Hamm, chief executive of Continental Resources, the biggest leaseholder and producer in the Bakken oil basin, said he didn't believe that now was the right time to start hedging next year's production.
Last week, OPEC praised itself for achieving the highest compliance rate since the cuts began.
"Nigeria is ready to reduce production at the level of 1.8 million barrels per day and join the agreement once it reaches the target", he was quoted by Russian news agency Tass as saying.
Resurgent production from USA shale oil producers, who use advanced drilling methods, has played a major role in delaying the market rebalancing.
For the construction sector, the price of oil is very important, and oil moving above $55 is a welcomed sight.
"We're seeing more and more evidence that it's not the global oil companies, it's not the independent oil companies that are lagging new investments, but it's OPEC countries lagging, particularly those five", he said.
Moeen Ali hit the second fastest one-day worldwide century in England's history to set up a win over West Indies by 124 runs . Root and Stokes took over until, for the second time in the innings, two wickets fell in consecutive overs.
Asked if his disciplinary problems are more to do with his position as a holding midfielder, Barry added: "Yes, that will be it". ARSENAL could welcome back Mesut Ozil but it will be a game-time decision on whether to risk the German worldwide .
Even this term, he's opted to rotate him with Marcus Rashford , which is a problem most managers can only dream of. People say you have to play Rashford as a centre-forward but you can play him anywhere because he is good enough.
In the tropics , Hurricane Maria has made a north-northwestward turn and is starting to move away from the southeastern Bahamas. Jose is upwelling already cool waters and Maria won't be coming north at a fast clip (which is how we get our stronger storms).
John McCain in his 2008 presidential campaign. "Looks like Susan Collins and some others will vote against it", Trump said. Ted Cruz, R-Texas, who said Sunday he didn't support the measure and said it needed added steps to drive down premiums.
Senator Rand Paul has issued statements that he will not be "bribed nor bullied" into supporting the bill. One of the first people to praise McCain for his decision was late-night show host Jimmy Kimmel .
The fact he is appearing on Miz TV on Monday with Intercontinental champion the Miz is a clear pointer in where Reigns is heading. That would likely be the main event at TLC on October 22 and Reigns will nearly certainly win the match there to become champion.
Real Madrid already trail rivals Barcelona by seven points after just five games and can not afford any more slip ups. Zinedine Zidane's side lost 1-0 to Real Betis on Wednesday to leave them adrift of runaway La Liga leaders Barcelona .
Donald Trump's war of words on the National Football League stoked higher interest in pregame discussion on Sunday of Week 3. At some games Sunday, players kneeled in large numbers during the anthem and were critical of Trump's comments.
It also carried in-flight video from the nose cone of the missile, which has a range of 2,000km and can carry multiple warheads. The missile is named as Khorramshahr and was displayed in Tehran today in front of local media and thousands of spectators.
Jose , formerly a Category 3 hurricane, is expected to produce rip currents and high-surf along portions of the US east coast. Tropical storm Lee is sitting several hundred miles southwest of the Cape Verde Islands with sustained winds at 40 mph.
Myanmar blames Rohingya for blast
India has also sent 700 tons of aid such as food, clothes and mosquito nets which is expected to help at least 62,000 families. Over the past month, thousands of Rohingya have fled from the brutal army-led crackdown across the border in Rakhine.
Penn State vs. Iowa: The big question
He also caught a career-high 12 passes for 94 yards and had 53 yards in kickoff returns. "That was a Heisman-like performance". Nebraska postponed the game due to a number of its players out with an unnamed illness, therefore making them unable to play.
Anthony Weiner jailed for sexting girl
As part of that agreement, he agreed not to appeal any sentence between 21 and 27 months and will register as a sex offender. One of the messages included a photo of his penis whilst he was near his four-year-old son, according to The Metro .
Rand Paul: Supports Pre-Obamacare Levels in Block Grants
But with the bill he has sponsored, the so-called Graham-Cassidy health care bill, Kimmel feels Cassidy may have lied to his face. It also would take money earmarked for the law's Medicaid expansion and return it to states in the form of block grants.
Turkey says Iraqi Kurd vote 'illegitimate'
He said: "We want the referendum to be cancelled and support the motion not for war but for peace in the region". His remarks came after repeated calls from Turkey , U.S. and Iran to cancel the vote slated for September 25.