- Oil falls below $80/Bbl amid resurfacing demand concerns
- May ’23 WTI lost $1.44 this morning to trade around $79.42/Bbl
- Market awaits Fed's economic survey for insight into the economy's health and monetary policy path
- Atlanta Fed President Raphael Bostic said on Tuesday that the U.S. Federal Reserve might have one more rate hike in store to combat inflation (Reuters)
- Fears of further interest rate hikes outweigh bullish Chinese economic data
- The U.S. Dollar strengthened relative to its recent lows, making oil expensive for holders of other currencies
- Iraq hopes to restart Kurdistan crude exports this week (BBG)
- “Today or tomorrow, we will go to sign the agreements with SOMO and the oil companies to resume exports,” said Iraq’s Prime Minister, Mohamed Shia al-Sudani
- However, Baghdad needs to settle outstanding financial claims with Turkey before Kurdish oil can flow through Ceyhan Port again
- Turkey halted pipeline flows (0.45 MMBbl/d) on March 25 after an international tribunal ruled that Kurdistan needs Iraq's approval to export crude via Ceyhan