Oil steady after year’s biggest rally as Iraq spat curbs exports
BNN Bloomberg
Oil steadied after its biggest rally of the year as a disagreement between Iraq and its Kurdish region curtailed exports, while fears over a fallout from the banking crisis receded.
West Texas Intermediate futures traded near US$73 a barrel after jumping more than 5 per cent on Monday in the steepest surge since October. A legal dispute between Iraq, its semi-autonomous region of Kurdistan and Turkey has halted around 400,000 barrels a day of flows from Ceyhan port.
“The Iraq dispute has given support to prices, but it’s ultimately helped push a ball that was already rolling,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank. “Sentiment in the market has been improving as the banking crisis fades.”
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
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