Key Points
Crude prices rose for a third day in early Asian trade on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and market sentiment improved as fears of a banking crisis eased..
Worries over reduced supply from Iraqs Kurdistan region and a relief in financial markets worried about the banking sector turmoil continued to boost investors risk appetite, said Satoru Yoshida, a commodity analyst with Rakuten Securities...
Oil prices have been rallying after Iraq was forced to halt exports of about 450,000 barrels per day (bpd) from its northern Kurdistan region through Turkey after an arbitration decision confirmed Baghdads consent was needed to ship the oil...
U.S. crude oil inventories fell by about 6.1 million barrels in the week ended March 24, according to market sources citing American Petroleum Institute figures on Tuesday..
On the supply side, Russian Deputy Prime Minister Alexander Novak said on Tuesday that Moscow needed to focus on boosting energy exports to so-called friendly countries and noted that Russian oil supply to India registered a 22-fold jump last year..
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