HomeIndustriesOil Sustains Losses Amid Signs of Supply Rebound

Oil Sustains Losses Amid Signs of Supply Rebound

Oil prices remained down on Tuesday as signs of a rebound in supply begin to emerge. West Texas Intermediate futures, the U.S. benchmark, hovered above $80 per barrel after falling 0.7% during the previous trading session. This comes after Saudi Arabia and Russia looked to curb supplies to raise prices.

Exports from Iran jumped to 2.2 million barrels per day since the start of this month, while the oil minister of Iraq reportedly arrived in Ankara, Turkey, to discuss the resumption of shipments through the Ceyhan terminal. “Supply tightness could ease,” Charu Chanana, market strategist for Saxo Capital Markets Pte said of the talks, noting that flows were approximately 500,000 barrels per day through the Ceyhan port.

After futures began to rally in late June, a falter in this upward trajectory pushed OPEC+ leaders Saudi Arabia and Russia to announce a stoppage in output. Prices of Russia’s flagship oil rose above a Group of Seven imposed cap during the height of the rally.

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