Oil prices have been volatile this week as industry watchers are following Iraq’s struggle to restart pipeline flows via Turkey after a two-year-long hiatus, with initial hopes for a quick resolution squashed by several Kurdish producers voicing their reservations. Oilprices.com have said.
With the ‘Trump impact’ much less noticeable these days, seeing ICE Brent hover slightly below $68 per barrel, the outlook for incremental supply will be the main pricing factor in the upcoming days.
Crude oil prices generally exhibited sustained gains earlier today with prices hitting $67.97 per barrel, after the American Petroleum Institute reported an estimated inventory decline for the week to September 19.
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At the time writing, mid-morning, Brent crude (November contracts) has lost some ground by trading at $67.80 per barrel against $67.94 pb it last sold on Tuesday and early hours of Wednesday. West Texas Intermediate, (WTI) was exchanging for $63.38 pb having lost $0.42 from $63.80 pb Tuesday price.
Irina Slav wrote on oilprices.com that earlier in the week, prices took a dip after news broke that Iraq, Turkey, and the Kurdistan regional government had finally reached a deal to restart exports from northern Iraq via the pipeline to Turkey. However, a follow-up revealed unresolved differences between two of the companies operating the fields in Kurdistan, which will delay the restart of exports.
