Quick Sign-Up Here<\/a><\/p>\nBrent and WTI had fallen for the previous four sessions, dropping around 3%.\n<\/p>\n
\u201cSupportive elements are still low OECD oil inventories,\u201d UBS analyst Giovanni Staunovo said. \u201cOn the other hand, higher crude exports from OPEC+ are a headwind for prices as well as the lack of new sanctions targeting Russian oil exports.\u201d\n<\/p>\n
Investors on Tuesday were watching developments in the Middle East, after Iraq\u2019s federal and Kurdish regional governments reached a deal with oil firms to resume crude exports via Turkey on Monday, two oil officials\u00a0told Reuters. The deal is subject to Iraqi cabinet approval on Tuesday.\n<\/p>\n
The breakthrough will allow exports of about 230,000 barrels per day (bpd) to resume from Iraqi Kurdistan that have been suspended since March 2023.<\/p>\n
Overall, the global oil market is bracing for elevated supply and slowing demand hampered by the fast development of electric vehicles and economic woes fuelled by U.S.\u00a0tariffs.\n<\/p>\n
In its latest monthly report, the International Energy Agency\u00a0said\u00a0world oil supply would rise more rapidly this year and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the group grows.\n<\/p>\n
Still, risks overhang the market as traders monitor the European Union\u2019s consideration of stricter sanctions on Russian oil exports, as well as any escalation of geopolitical tensions in the Middle East.\n<\/p>\n
U.S. crude oil stockpiles were expected to have risen last week, while gasoline and distillate inventories likely fell, a preliminary Reuters poll on Monday showed.\n<\/p>\n
Reporting by Stephanie Kelly in London, Anjana Anil in Bengaluru and Siyi Liu in Singapore; Editing by Lincoln Feast, Jamie Freed and Kim Coghill\n<\/p>\n
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