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High oil prices.. Brent records 86.37 dollars per barrel
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Baghdad today - follow-up
Oil prices rose slightly today, Monday, supported by OPEC + plans to cut more production, while investors await Chinese economic data in search of indications of a recovery in demand by the largest oil consumer in the world.
Brent crude futures rose 6 cents to $86.37 a barrel by 0350 GMT, while US West Texas Intermediate crude was $82.56 a barrel, up 4 cents.
Both contracts posted their fourth weekly gains last week - the longest streak since mid-2022 after the International Energy Agency (IEA) forecast record 2023 demand of 101.9 million bpd, up 2 million bpd from last year. .
However, the International Energy Agency warned in its monthly report that the production cuts announced by OPEC+ producers threaten to exacerbate the expected oil supply deficit in the second half of the year and could harm consumers and the global economic recovery.
Rising costs of crude oil supplies in the Middle East, which meets more than half of demand in Asia, have already squeezed refiners' margins, prompting them to secure supplies from other regions.
Meanwhile, oil exports from northern Iraq to the Turkish port of Ceyhan were halted, nearly three weeks after an arbitration case ruled that Ankara owes Baghdad compensation for unauthorized exports.
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