WTI crude oil futures rose above $72 per barrel on Thursday, extending small gains for a fourth consecutive session as supply concerns outweighed another rise in US stockpiles.
Oil higher for fourth straight session
Oil prices have climbed more than 2% so far this week amid uncertainty over global production levels, with OPEC+ reportedly considering delaying a planned output increase to maintain market stability. Additionally, geopolitical tensions continue to impact supply, with a Ukraine drone attack on key infrastructure reducing oil flows through Kazakhstan’s Caspian Pipeline by up to 40%, effectively cutting global market supply by an estimated 380,000 barrels per day.
Eyes on global production
Meanwhile, expectations of a potential resumption of Iraq’s Kurdistan oil exports, which could add about 300,000 barrels per day to the market, have provided some balance to supply concerns, though Turkey has yet to confirm its approval. In the US, crude inventories rose by 3.3 million barrels last week, marking the fourth consecutive weekly build, signaling potential demand weakness. Market participants are now awaiting official inventory data from the US Energy Information Administration (EIA) later today for further insights into supply-demand dynamics.
