Commercial crude oil inventories increased by 1.3 million barrels from the previous week, the EIA said. WTI crude oil for April was up 73 cents at $39.19 a barrel, approaching its highest since November. Crude oil rallied Wednesday as the Federal Reserve predicted two rate hikes in 2016 instead of four.
Iraq exported oil at the fastest pace since late 2016 during the first half of July, indicating OPEC’s second-largest producer is pumping more after the group eased production limits.
Crude shipments during the first two weeks of the month were 4.05 million barrels a day, the highest since November 2016, according to tanker tracking and port agent data compiled by Bloomberg. That’s 6 percent higher than the daily average of exports for all of June. Preliminary tanker tracking data is subject to change because shipments can be delayed and the average for a full month can be higher or lower.
Exports from the Middle Eastern country could be even higher if the central government and the administration in the semi-autonomous Kurdish region solve a dispute over oil revenue that’s blocked federal exports from using a northern pipeline to Turkey, the International Energy Agency said this month.
more at source: https://www.msn.com/en-us/finance/markets/iraq-exported-most-crude-oil-since-november-2016-this-month/ar-AAAbOvg