US benchmark June West Texas Intermediate crude oil futures increased by more than 1% on Thursday. This price rise was due to a reduction in U.S. crude reserves and a suspension of exports from the Kurdistan region in Iraq. These factors counteracted the effect of a smaller-than-anticipated decrease in Russian oil supplies, which would have otherwise put downward pressure on the price of oil.
To prop up the prices, producers in the semi-autonomous Kurdistan region of northern Iraq have closed down or decreased production at various oilfields, as…Supply Outage Fuels Oil Price Recovery
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