Crude oil futures are likely to face pressure due to an anticipated increase in oil exports from Kurdistan, with 185,000 barrels per day expected via the Iraq-Turkey pipeline. This increase, amid concerns over demand, could lower prices in the short term. Geopolitical risks, particularly from Ukraine, could contribute to market volatility, with a possible peace deal or lifting of US sanctions on Russian oil further influencing the outlook. Longer-term factors include US production policies, trade tensions, and OPEC changes, which could lead to weaker prices.
Crude oil futures could remain under pressure after a strong decline on Friday as the market could see the potential resumption of oil exports from Kurdistan's oil fields.
With 185,000 barrels per day expected to flow through the Iraq-Turkey pipeline, crude volumes available on the market could increase, weighing on prices in the short term.
At the same time, the market could remain exposed to geopolitical risks and the ongoing conflict in Ukraine in particular, which could sustain market volatility.
A potential peace deal in Ukraine and a removal of U.S. sanctions on Russian oil could strongly affect the market's outlook.
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