Oil Prices Gain Some Ground Due to Iraqi / Kurdistan Stand Off

By Pete Southern in Gold and Oil News | March 29, 2023 12:12 | Tags: , , , ,

On Tuesday, crude oil prices increased slightly, continuing their significant gains from the prior day due to the risk of supply disruptions from Iraqi Kurdistan and optimism that the uncertainty in the banking sector has reduced.

The arguments escalated last week, causing the Iraqi government to halt oil exports from Kurdistan to Turkey. This action followed a court decision from the International Chamber of Commerce that was in favor of Baghdad in a case against Turkey, which argued that the country should not have allowed the supply of oil from Kurdistan to Ceyhan without the explicit consent of the Iraqi government.

Worries regarding banking issues have eased for now, offering some temporary relief to expectations of a recession. Additionally, crude prices rose due to a weaker U.S. dollar, which made oil cheaper for foreign buyers.

According to API data released yesterday, there was a significant deviation from the expected 187,000 barrel build. However, the total number of crude oil barrels accumulated this year is still over 53 million barrels.

As of early Wednesday Brent Oil was stable in the mid $77 range.

Pete Southern About Pete Southern
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.

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