Around 10:00 a.m. in Luanda, Brent futures, the benchmark for Angolan exports, rose 14 cents to USD 66.71 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 21 cents to USD 62.49. Both recovered modest earlier losses as they headed toward the longest losing streak since August.
Oil prices rose slightly on Tuesday morning, even as investors weighed global supply prospects after Iraq and the Kurdish regional governments reached a preliminary agreement to resume exports through Kurdistan.
Around 10:00 a.m. in Luanda, Brent futures, the benchmark for Angolan exports, rose 14 cents to USD 66.71 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 21 cents to USD 62.49. Both recovered modest earlier losses as they headed toward the longest losing streak since August.
Investors were closely following developments in the Middle East after Iraq’s federal and Kurdish regional governments reached a deal with oil companies to resume crude exports through Turkey on Monday, two oil officials told Reuters. The agreement is subject to approval by the Iraqi cabinet on Tuesday.
This development will allow the resumption of about 230,000 barrels per day from Iraqi Kurdistan, which have been suspended since March 2023.
Source: Expansão
