(Bloomberg) — Oil was steady in London as traders weighed supply disruptions in Iraq against a strong rebound in the dollar.<\/p>\n
Most Read from Bloomberg<\/p>\n
Brent was little changed at $68.47 a barrel. The US dollar strengthened \u2014 typically a bearish indicator for commodities \u2014 as anxiety abated over the future of Federal Reserve Chair Jerome Powell. On the supply side stockpiles at Cushing, the key US storage hub, continued to slide and Iraq has lost about 200,000 barrels a day of oil production due to drone attacks on several fields in Kurdistan.<\/p>\n
\u201cWhile inventories globally have built very significantly, stocks in the pricing centres \u2013 especially in the US \u2013 are still quite low,\u201d Goldman Sachs head of oil research Daan Struyven said on Bloomberg Television. Market focus has shifted to \u201cdownside risks to supply,\u201d he said.<\/p>\n
In Kurdistan, attacks continued on Thursday according to the local authorities. Still, Kurdistan hasn\u2019t been shipping any crude to global markets since an export pipeline was shut more than two years ago, limiting the impact on benchmark prices.<\/p>\n
Supply concerns were also reflected in the forward curve for crude. It is currently trading in backwardation, where a premium is paid for sooner delivery over longer-dated contracts, Staunovo said.<\/p>\n
In the US, distillate stockpiles remain at the lowest seasonal level since 1996 even after last week\u2019s increase. At the same time, the spread in futures between low-sulfur gasoil and Brent for September \u2014 a gauge of the profitability of making diesel \u2014 has risen about 7% this month.<\/p>\n
–With assistance from Yongchang Chin.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Oil was steady in London as traders weighed supply disruptions in Iraq against a strong rebound…\n","protected":false},"author":2,"featured_media":614,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,1071,1072,99,164,1076,1073,1075,1074],"class_list":{"0":"post-613","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-bloomberg","11":"tag-bloomberg-television","12":"tag-business","13":"tag-economy","14":"tag-iraq","15":"tag-jerome-powell","16":"tag-kurdistan","17":"tag-oil-production"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=613"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/614"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}