Oil prices rose more than 1% on Thursday, supported by lower U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies.
Brent crude futures rose 95 cents, or 1.2%, to $79.23 a barrel by 1:18 p.m. EDT (1718 GMT). West Texas Intermediate crude rose $1.15, or 1.6%, to $74.12.
Supporting prices, producers have shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline, company statements showed. More outages are on the horizon.
