
Iraq Agrees on Oil Plan With Kurds in Step Toward Export Deal
The Kurdistan Regional Government will supply Iraq's state oil marketer SOMO with 230,000 barrels a day as part of a deal for Baghdad to release funds for salaries in the northern region, people familiar with the matter said. The transfer of the crude is a crucial element for an agreement between the federal and semi-autonomous administrations to restart exports through a pipeline to Turkey's Mediterranean coast.
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Yahoo
23 minutes ago
- Yahoo
Oil prices rise on US demand strength, though sanctions uncertainty remains
By Yuka Obayashi TOKYO (Reuters) -Oil prices rose on Thursday, pausing a five-day losing streak, on signs of steady demand in the U.S., the world's biggest oil user, though the prospect of U.S.-Russian talks on the Ukraine war eased concerns of supply disruptions from further sanctions. Brent crude futures rose 20 cents, or 0.3%, to $67.09 a barrel by 0039 GMT while U.S. West Texas Intermediate crude was at $64.57 a barrel, up 22 cents, or 0.3%. Both benchmarks slid about 1% to their lowest in eight weeks on Wednesday after U.S. President Donald Trump's remarks about progress in talks with Moscow. Trump could meet with Russian President Vladimir Putin as soon as next week, a White House official said on Wednesday, though the U.S. continued preparations to impose secondary sanctions, including potentially on China, to pressure Moscow to end the war in Ukraine. Russia is the world's second-biggest producer of crude after the U.S. Still, oil markets were supported from a bigger-than-expected draw in U.S. crude inventories last week. The Energy Information Administration said on Wednesday that U.S. crude oil stockpiles fell by 3 million barrels to 423.7 million barrels in the week ended August 1, exceeding analysts' expectations in a Reuters poll for a 591,000-barrel draw.[EIA/S] Inventories fell as U.S. crude exports climbed and refinery runs climbed, with utilization on the Gulf Coast, the country's biggest refining region, and the West Coast climbing to their highest since 2023. But the unsettled nature of the talks and the overall supply and demand situation with major producers increasing their output has made investors cautious, said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. "Uncertainty over the outcome of the US-Russia summit, possible additional tariffs on India and China - key buyers of Russian crude - and the broader impact of U.S. tariffs on the global economy are prompting investors to stay on the sidelines," said Kikukawa. "With planned OPEC+'s output increases weighing on prices, WTI will likely remain in the $60-$70 range for the rest of the month," he said, referring to the Organization of the Petroleum Exporting Countries and its allies including Russia. Adding to the pressure on Russian oil buyers, Trump on Wednesday imposed an additional 25% tariff on Indian goods, citing their continued imports of Russian oil. The new import tax will go into effect 21 days after August 7. Trump also said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil.


Wall Street Journal
2 hours ago
- Wall Street Journal
Oil Edges Higher, Supported by Unexpected Fall in U.S. Crude Inventories
0010 GMT — Oil edges higher in early Asian trade, supported by an unexpected fall in U.S. crude inventories. EIA data released Wednesday showed commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3 million barrels in the week ended Aug. 1. Analysts surveyed by the WSJ had predicted crude stockpiles to be up by 100,000 barrels. Oil-price movements seem limited ahead of a potential meeting between U.S. President Trump and Russian President Putin. Traders are positioning themselves for the possibility of a softer stance on Russia than the White House previously telegraphed, ANZ Research analysts say in a note. Front-month WTI crude oil futures are 0.2% higher at $64.42/bbl; front-month Brent crude oil futures are 0.1% higher at $66.94/bbl. (


Bloomberg
2 hours ago
- Bloomberg
Oil Holds Drop as Traders Dismiss Impact of US Moves Over Russia
Oil held a five-day decline — the longest losing run since January — as investors looked beyond US efforts to punish buyers of Russian crude, while tracking a diplomatic push by President Donald Trump to halt the war in Ukraine. West Texas Intermediate was little changed below $65 a barrel after slumping to the lowest close since early June, while Brent settled just shy of $67. On Wednesday, Trump doubled tariffs on Indian goods to 50% due to the nation's purchases of Russian energy, with implementation set to begin in three weeks. Still, there's been no similar US move against China, another major importer of Moscow's oil.