Oil Markets Holding Up Much of Last Weeks Gains

Crude has edged up slightly, holding up much of last weeks gains driven by the surprise OPEC+ production cuts set for May.

• Around 450,000 bpd of Kurdish oil remains tied up. Turkey wants to negotiate with Iraq a settlement it’s been ordered to pay before a pipeline holding up the flows is reopened. The prolonged dispute has resulted in Kurdish oil production being hit as storage tanks reach full.
• The market also awaits signs that Russian crude production cuts begin to hit its oil export flows which remain very buoyant, keeping a lid on oil’s upside post sanctions.
• Brent JUN 23 up 0.2% at 85.31$/bbl
• WTI MAY 23 up 0.3% at 80.95$/bbl
• Gasoil APR 23 up 0.1% at 780.75$/mt
• WTI-Brent up 0.29$/bbl at -4.39$/bbl