Oil prices closed over $ 1 on the barrel on Tuesday, after stopping an agreement to resume exports from Iraqi Kurdistan, which appealed to the concerns of some investors who would exacerbate the fears with the general offer.
Future Brent oil contracts have increased by $ 1.06, equal to 1.6%, to close $ 67.63 per barrel, while the intermediate oil of western Texas from the United States (WTI) increased by $ 1.13, or 1.8%, to close $ 63.41 per barrel.
Both reference rates recovered previous modest losses.
Oil exports from oil wands of the Iraqi region of Kurdistan to Turkey had not yet been restarted on Tuesday, despite the hopes of an agreement to end the impasse, since two important producers have requested guarantees of payment of the debt.
The agreement between the Federal and Iraqi regional governments and the oil companies aims to resume exports of about 230,000 barrels per day of oil of Curdistan on the global market through Turkey, interrupted since March 2023.
Brent and WTI had fallen into the previous four sessions, adding a retreat of about 3%.
“This was a perfect example of” not counting their barrels until they were pumped. “The market was sold on the relationships of a curl and the lack of an agreement has now eliminated these barrels from the market,” said Phil Flynn, senior analyst of the Price Futures Group.
In general, the global oil market is preparing for a high demand and slowdown, compromised by the adoption of electric vehicles and economic pressures fueled by the US rates.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
