(Bloomberg) — Oil rose as traders weighed supply disruptions in Iraq against a strong rebound in the dollar.<\/p>\n
Most Read from Bloomberg<\/p>\n
West Texas Intermediate crude traded near $67 a barrel after earlier rising as much as 1.2%. On the supply side, 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 cup of reached 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
Still, the US dollar strengthened \u2014 typically a bearish indicator for commodities \u2014 as anxiety abated over the future of Federal Reserve Chair Jerome Powell.<\/p>\n
Iraq, meanwhile, 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 eventually supply Iraq\u2019s state oil marketer SOMO with 230,000 barrels a day, people familiar with the matter 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 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 as traders weighed supply disruptions in Iraq against a strong rebound in the dollar.…\n","protected":false},"author":2,"featured_media":16694,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[7904,15745,28,15744,101,14945,15746,15747],"class_list":["post-16693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-bloomberg","tag-bloomberg-television","tag-business","tag-crude-inventories","tag-economy","tag-iraq","tag-kurdistan-regional-government","tag-oil-production"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/16693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=16693"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/16693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/16694"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=16693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=16693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=16693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}