Oil prices edged higher in a volatile session amid geopolitical uncertainties, including Russia-Ukraine talks and potential Iraqi crude production increases.WTI rose to $70.70 after fluctuating throughout the day. Iraq may resume exports via a Turkish pipeline, adding up to 185,000 barrels daily while staying within OPEC limits.
Crude has traded within a $5 range in February after surging past $80 earlier this year. Prices have dipped due to weak Chinese demand, potential supply increases, and global economic concerns.Markets watch Ukraine peace talks, as a deal could ease sanctions and shift exports.
Zelenskiy signals willingness to step down amid Trump’s call for elections.OPEC+ is likely to delay planned production hikes, with most analysts expecting a postponement of April’s increase.Some market indicators show strength, with the Brent-Dubai exchange for swaps at its lowest since June.
This suggests refiners still seek heavy-sour crude, which remains limited due to OPEC+ cuts.
