Another major oil producer, Saudi Arabia, raised prices for its flagship crude to Asian buyers for the first time in six months amid expectations of a recovery in demand, especially from China.
“That seemed to send home the message that China’s reopening is for real, and if Saudi Arabia isn’t afraid of raising oil prices, that means demand is pretty good,” said Phil Flynn, an analyst at Price Futures Group. .
Meanwhile, in Turkey, operations at a 1 million barrel per day (bpd) oil export terminal in Ceyhan have been halted after a powerful earthquake struck the region.
Iraqi crude shipments from the Ceyhan warehouse were ready to resume on Tuesday, but bad weather prevented the vessels from docking, according to a business source with direct knowledge.
With information from Reuters