(Bloomberg) — Oil rose amid signs of tighter supplies in the near term and on stronger demand signals in the US.<\/p>\n
Most Read from Bloomberg<\/p>\n
West Texas Intermediate crude rose 1.7% to settle above $67 a barrel, snapping a three-day losing streak. Equity markets advanced \u2014 typically a bullish indicator for commodities \u2014 after better-than-expected US economic data allayed some fears of oil demand deterioration.<\/p>\n
Prices also found support from indications of a tighter near-term physical crude market on Thursday. US crude inventories slid last week and Iraq has lost about 200,000 barrels a day of oil production due to drone attacks on several fields in Kurdistan. Chevron Corp. said it was on the cusp of reaching a production plateau in the largest US oil field.<\/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 Daan Struyven, head of oil research at Goldman Sachs, said on Bloomberg Television. Market focus has shifted to \u201cdownside risks to supply,\u201d he said.<\/p>\n
Limiting the rally, Iraq approved a plan for its semi-autonomous Kurdish region to resume oil exports that have been halted since March 2023. The Kurdistan Regional Government will supply Iraq\u2019s state oil marketer SOMO at least 230,000 barrels a day for export, the federal government said.<\/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.<\/p>\n
In the US, distillate stockpiles remain at the lowest seasonal level since 1996 even after last week\u2019s increase.<\/p>\n
–With assistance from Archie Hunter, Yongchang Chin and Sarah Chen.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Oil rose amid signs of tighter supplies in the near term and on stronger demand signals…\n","protected":false},"author":2,"featured_media":3650,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[4536,4537,45,49,48,4539,4538,100,4540],"class_list":["post-3649","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-bloomberg","tag-bloomberg-television","tag-business","tag-ca","tag-canada","tag-crude-inventories","tag-kurdistan-regional-government","tag-markets","tag-oil-production"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/3649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=3649"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/3649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/3650"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=3649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=3649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=3649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}