BRN May Be On Track For Its Best Week Since Early January
- Brent crude fell below $76 per barrel this week
- 30-40% drop in oil deliveries via Caspian Pipeline
- Iraq’s Kurdistan export resumption still uncertain
- OPEC+ might delay production increases
Brent crude dipped below $76 per barrel but remained on track for its best week since early January due to rising supply concerns.
Russia reported a 30-40% decline in oil deliveries through the Caspian Pipeline Consortium, a vital Kazakh export route. Meanwhile, the restart of exports from Iraq's Kurdistan region remained unclear.
On the supply side, OPEC+ members indicated they might delay planned production increases, citing a fragile market and difficulties in meeting production cut targets.
Despite this, oil prices faced downward pressure from the possibility of improving US-Russia relations and potential peace talks that could ease sanctions on Russian oil.
More By This Author:
XAUUSD Is Poised For An Eighth Consecutive Weekly GainThis Week: CHINAH Reaches Its Highest Level Since Feb 2022
BRN May Be On Track For Its First Weekly Gain Since Mid-January
Disclaimer: This material should not be viewed as financial advice. The content provided, including views and opinions, is for information purposes only.
Comments
