Oil prices rose around $1 per barrel this Tuesday, March 28, extending the strong gains of the previous sessionbetween supply disruption risks from the Iraqi region of Kurdistan and for the expectation that the turmoil in the banking sector will be contained.
crude oil futures Brent they won $1, or a 1.3%at $79.12 per barrel, while US crude West Texas Intermediate (WTI) went up $1.01, or a 1.4%at $73.83 a barrel.
Prices had risen by more than $3 last Mondayafter what Iraq was forced to halt exports of some 450,000 barrels per day from the region of Kurdistan northern via Turkey, following an arbitral decision confirming that Baghdad’s consent was required to ship the oil.
barclays said that any interruption of Kurdish exports until the end of the year it would imply a rise of US$3 per barrel compared to its forecast for Brent of US$92 per barrel for 2023.
The announcement on Monday that First Citizens BancShares Inc to acquire deposits and loans from bankrupt Silicon Valley bank fueled optimism about the banking sector and pushed up shares of European banks.
“Concerns about banking problems have subsided for nowas expectations of a recession temporarily eased,” said Jim Ritterbusch of the consulting firm Ritterbusch and Associates.
A weaker US dollarthat makes oil less expensive for international buyers, it also raised crude oil prices, he added. Ritterbusch.
Also Oil is expected to continue to be supported by signs of demand recovery in China. The market expects the China crude oil imports up 6.2% in 2023, to 540 million tons, according to an annual forecast by a research unit of China National Petroleum Corp.
He Russian Deputy Prime Minister Alexander Novak stated on Tuesday that Russia should focus on increasing energy exports to “friendly” countries noting that Russian oil supplies to India increased 22-fold last year.
Source: Ambito
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