Oil prices are volatile amid uncertainty over the Russia-Ukraine conflict

Oil prices are volatile amid uncertainty over the Russia-Ukraine conflict

Oil prices are mixed this Tuesday, March 28, cutting the strong gains of the previous session, amid the risks of supply disruption in Iraqi Kurdistan, the hope that the turmoil in the banking sector will be contained and the escalation of the conflict between Ukraine and Russia.

crude oil futures Brent it fell 12 cents, or 0.2%, to $77.63 a barrel. US crude West Texas Intermediate it rose 11 cents, or 0.2%, to $72.9 a barrel.

Prices rose more than $3 on Monday, after Iraq He was forced to interrupt exports of about 450,000 barrels a day from its northern Kurdistan region via Turkey, following an arbitration decision that confirmed Baghdad’s consent was required to ship the oil.

The announcement on Monday that First Citizens BancShares Inc will acquire the bankrupt’s deposits and loans Silicon Valley Bank fueled optimism about the banking sector and pushed up the shares of European banks.

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“For the moment, concerns about financial stability risk have been relegated to the back of investors’ minds, but another bank run could trigger a flight from risk again,” he said. Tamas Varga, of PVM Oil in dialogue with Reuters.

Oil prices are also expected to continue to support signs of recovery from the demand in china.

The market expects China’s crude oil imports increase by 6.2% in 2023, to 540 million tonsan annual forecast from a research unit of China National Petroleum Corp. showed on Monday.

Russian Deputy Prime Minister alexander novakstated on Tuesday that Russia should focus on increasing energy exports to “friendly” countries and pointed out that Russia’s oil supply to India increased 22-fold last year.

The Bookings American crude oil they would have increased by about 200,000 barrels last weeka preliminary Reuters poll showed on Monday.

The American Petroleum Institute (API), an industry group, will publish its inventory data on Tuesday and the US Energy Information Administration on Wednesday.

Source: Ambito

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