On Tuesday afternoon, oil prices moved back up, reacting to geopolitical tensions and news about supplies. November Brent futures on ICE Futures added 1,1% to $67.77 per barrel. WTI contracts on the NYMEX rose 1.2% to $63.4 per barrel. The quotes are supported by fears of an escalation of the conflict in the Middle East after the recognition of the Palestinian state by a number of European countries, as well as expectations of increased sanctions against Russian oil supplies. An additional factor was the news that Baghdad has reached an agreement with the Kurdistan regional authorities: oil exports from the region may resume after a pause of more than two years. The return to the market of about 230 thousand barrels per day can significantly affect the balance of supplies. In August, Iraq increased exports under the OPEC+ agreement to 3.38 million barrels per day, and the Iraqi State Oil Marketing Company (SOMO) expects further supply growth in September to 3.4-3.45 million barrels per day.
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