Brent crude is holding above a more than two-year high of $59 a barrel, lifted by fast-growing demand and a threat to Iraqi Kurdistan’s crude exports as the autonomous region holds a referendum on independence. The international oil benchmark was at $59.04 a barrel in early London trading on Tuesday after a steep rise on Monday propelled it to its highest point since July 2015. Brent has gained more than 30 per cent since June as global stockpiles have tightened, with demand in industrialised countries expanding alongside emerging markets for the first time in almost a decade. BP’s top oil trader in Asia said the crude market had turned a corner after a three-year slump, with consumption boosted by lower prices and excess inventories finally declining thanks to Opec’s efforts to cut production. “The market is in rebalancing mode,” said Janet Kong, speaking at the FT Commodities Asia Summit in Singapore on Monday. “We are at a juncture where we are going to see continued inventory draws.”