The oil upload this wednesday march 29 by third consecutive sessionSince the interruption of some exports from Iraqi Kurdistan made one fear lowest offerand the decreased fear of a global banking crisis favored the appetite for risk assets in the markets in general.
The crude brent goes up a 0.2%at $78.80 a barrel, while US crude West Texas Intermediate (WTU) wins a 1.4%$74.24.
The exports of 450,000 barrels per day (bpd) of crude oil from the semi-autonomous region of the Kurdistan northern iraqi they were interrupted last Saturday after an arbitral decision that confirmed that it was Baghdad’s consent necessary to ship the oil.
On Wednesday, the Norwegian oil company DNO reported that it had started stop production in its deposits in Kurdistan. The company’s Tawke and Peshkabir fields had an average production of 107,000 bpd in 2022, a quarter of total Kurdish exports.
It also helped build confidence. alleviation of concerns about the banking sector after weeks of market volatility that had pushed oil to 15-month lows on March 20with investors’ nerves calmed by the sale of assets of the collapsed Silicon Valley Bank.
“The recent spike in oil prices this mainly driven by trust. We see that risk appetite has recovered to a certain extent, which has fueled the rally in world stocks and crude oil,” said Leon Li, an analyst at CMC Markets.
Oil also benefited from the fall in crude oil inventories in the United States. According to market sources citing figures from the American Petroleum Institute (API) on Tuesday, crude stocks fell by 6.1 million barrels.
The focus will be on the official US inventory data of the Energy Information Management that will be offered this Wednesday, to see if they confirm the drop in crude oil stocks.
Source: Ambito
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