Brent oil prices reach $82.75 per barrel

Oil prices have stabilized amid uncertain demand prospects and continued problems with the supply of raw materials from Iraq, according to the auction data, Report informs referring to Interfax.

The cost of June futures for Brent oil on the London ICE Futures exchange was $82.75 a barrel, which is $0.02 (0.02%) higher than the closing price of the previous session.

The price of futures for WTI oil for June in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.01 (0.01%) to $78.75 per barrel.

Demand for fuel in Asia is weakening, and companies in the region are seeing a decline in refining margins. This shows that hopes for a rapid recovery of the Chinese economy and an increase in demand for petroleum products in the country have not yet been realized, experts say.

Meanwhile, oil supplies from Iraqi Kurdistan are still on hold, and according to Sevens Report Research contributor Tyler Richey, this is a fundamental factor supporting the oil market in the face of weak demand.

The further postponement of negotiations between the Iraqi authorities, the Kurdistan Regional Government and Türkiye, which are critical to the resumption of oil supplies from northern Iraq, was reported on April 24, Richey said, quoted by Market Watch.