Oil prices rise this Thursday, March 30, since the Unexpected decline in US oil stocks and the interruption of exports from the Iraqi Kurdistan region they offset a smaller-than-expected cut in Russian supplies.
crude oil futures Brent win a 1.4%at US$78.67 a barrel and is once again close to the US$80 barrier after having collapsed two weeks ago, while the West Texas Intermediate in the United States (WTI) improves a 2%up to $74.38.
The US oil stocks fell unexpectedly in the week until March 24 to two-year lows, the Energy Information Administration reported Wednesday.
The exports from the northern region of Iraq remained paralyzed. The producers have closed or reduced production in several deposits of the Kurdistan semi-autonomous region as a result of the paralysis of the northern export pipelinewith more disruptions on the horizon, according to company statements.
However, Kurdistan and Iraq price premium could disappear sooner than expected, Citi analysts said Thursday. The “changes in the internal politics of Iraq may lead to a lasting political agreement very soon”Citi said, estimating that pipeline flows could grow by about 200,000 barrels per day (bpd).
These factors counteract bearish sentiment after a lower-than-expected cut in Russian crude oil production in the first three weeks of March.
“While we think oil prices may remain volatile in the short term, We continue to expect the increase in Chinese crude oil imports and lower Russian production to raise prices in the coming quarters“UBS said in a note on Thursday.
Source: Ambito
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