NextGen Day

On Thursday, oil prices rose as demand for crude in the US climbed.

At 9:15 a.m. local time (06:15 GMT), the price of international benchmark Brent crude was USD77.68 per barrel, up 0.12 percent from the previous trading session’s closing price of USD77.59 per barrel.

American benchmark West Texas Intermediate (WTI), which completed the previous session at USD72.97 per barrel, was trading at USD73.17 per barrel at the same time.

The Energy Information Administration (EIA) issued data late Wednesday showing a 7.5 million barrel drop in US commercial crude oil stocks for the week ending March 24 to 473.7 million barrels.

Contrary to the American Petroleum Institute’s prediction of a 187,000 barrel increase, inventories decreased.

The unexpected reduction in oil stocks is a sign of rising demand in the biggest oil user in the world.

The fear of supply interruptions still dominates the world oil market, driving up prices.

After reports that indicated that petroleum exports from Iraq’s northern Kirkuk fields were suspended after Iraq won an arbitration lawsuit against Türkiye, supply concerns surfaced.

The Kurdistan Regional Government (KRG) and the central government in Iraq have been in a conflict over the distribution of oil income for years, according to Turkey’s energy ministry, and this issue is “a reflection of that debate.”

Meanwhile, price increases were restrained by a stronger US dollar.

Early on Thursday, the US dollar index, which gauges the US dollar’s value against a basket of currencies such as the British pound, Canadian dollar, Swedish krona, and Swiss franc, rose 0.11 percent to 102.75.

Dollar-denominated oil increases in price for buyers when the dollar appreciates versus other currencies, which discourages trade.

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