Oil prices drop as Kurdistan export resumption weighs on markets
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Brent and WTI extend losses amid supply concerns
Brent Crude (brn1!) fell 0.2% to $74.29, while WTI(cl1!) lost 0.3% to $70.18, extending last week’s declines both contracts dropped over $2 on friday, marking weekly losses of 0.4% and 0.5%, respectively.
Kurdistan oil exports set to resume after two-year disruption
Iraq will restart exports of 185,000 barrels per day from Kurdistan via the Iraq-Turkey pipeline, increasing global supply flows this comes after pressure from the U.S. on Iraq to resolve the long-standing dispute over oil revenues and contracts.
Geopolitical tensions and Russia-Ukraine talks in focus
Markets are watching for developments in peace talks as donald trump initiates negotiations with Russia, bypassing Ukraine and the European Union eu leaders will meet on march 6 to discuss additional support for Ukraine and european security guarantees if a peace deal is reached, potential sanction relief on russian oil could further increase global energy supplies.
Middle East tensions add to uncertainty
Ongoing Israel-Hamas ceasefire negotiations continue to be a risk factor, with both sides accusing each other of violations but keeping the truce in place since january 19.
Trading outlook
Oil prices are likely to remain volatile, with resistance for Brent at $75.50 and WTI at $71.50 a break below $74 for Brent could open the door to $72-$73, while geopolitical shifts and Opec+ supply adjustments will be key drivers in the coming weeks.
Brent Crude (brn1!) fell 0.2% to $74.29, while WTI(cl1!) lost 0.3% to $70.18, extending last week’s declines both contracts dropped over $2 on friday, marking weekly losses of 0.4% and 0.5%, respectively.
Kurdistan oil exports set to resume after two-year disruption
Iraq will restart exports of 185,000 barrels per day from Kurdistan via the Iraq-Turkey pipeline, increasing global supply flows this comes after pressure from the U.S. on Iraq to resolve the long-standing dispute over oil revenues and contracts.
Geopolitical tensions and Russia-Ukraine talks in focus
Markets are watching for developments in peace talks as donald trump initiates negotiations with Russia, bypassing Ukraine and the European Union eu leaders will meet on march 6 to discuss additional support for Ukraine and european security guarantees if a peace deal is reached, potential sanction relief on russian oil could further increase global energy supplies.
Middle East tensions add to uncertainty
Ongoing Israel-Hamas ceasefire negotiations continue to be a risk factor, with both sides accusing each other of violations but keeping the truce in place since january 19.
Trading outlook
Oil prices are likely to remain volatile, with resistance for Brent at $75.50 and WTI at $71.50 a break below $74 for Brent could open the door to $72-$73, while geopolitical shifts and Opec+ supply adjustments will be key drivers in the coming weeks.