Oil prices rose on Monday after a halt to oil exports from Iraqi Kurdistan via Turkey and moves to contain a potential banking crisis that could have hit demand for crude.
Brent crude futures were up $1.16, or 1.6%, at $76.15 a barrel by 1210 GMT. West Texas Intermediate U.S. crude rose $1.19, or 1.7%, to $70.45.About half a percent of global oil supply, or, of crude exports from Kurdistan stopped on Saturday after a victory in an arbitration case confirmed Baghdad's consent was needed to ship the oil from Turkey.
"Near-term oil prices are likely to remain volatile, influenced by the current financial market turmoil, but we retain a positive outlook," said UBS analyst Giovanni Staunovo. "We continue to expect rising Chinese crude imports and demand, plus lower Russian production, to tighten up the oil market and lift prices over the coming quarters."
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