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West Texas Intermediate (WTI) crude oil hovers around $70.30 per barrel, facing downward pressure due to expectations of resumed exports from Kurdistan’s oilfields. Iraq’s Oil Ministry confirmed plans to export 185,000 barrels per day via the Iraq-Turkey pipeline. Additionally, geopolitical factors, including the ongoing Russia-Ukraine conflict and upcoming EU discussions on security, influence market sentiment. A senior Russian diplomat revealed plans for US-Russia talks to improve relations. Investors are also monitoring potential US trade policy shifts and the impact of the upcoming Personal Consumption Expenditures (PCE) index release, which may guide the Federal Reserve’s future monetary policy decisions. These factors could add further volatility to crude oil prices.

Key Highlights

* WTI hovers near $70 but faces downward pressure from Kurdistan exports.

* Iraq confirms plans to export 185,000 bpd via the Iraq-Turkey pipeline.

* Russia and the US to discuss bilateral relations this week.

* EU leaders to meet on March 6 for Ukraine-related security talks.

* US trade policy shifts and PCE index data may impact oil prices.

West Texas Intermediate (WTI) crude oil is trading around $70.30 per barrel during Asian trading hours on Monday. While prices have edged slightly higher, downside risks persist as Iraq confirms plans to resume exports from Kurdistan’s oilfields. The Iraqi Oil Ministry announced the completion of necessary procedures to restart shipments of 185,000 barrels per day through the Iraq-Turkey pipeline, raising concerns of increased supply and potential price declines.

Geopolitical developments further influence oil market sentiment. The ongoing Russia-Ukraine conflict, now in its fourth year, continues to impact global energy markets. European Union leaders are set to convene on March 6 for an extraordinary summit to discuss additional support for Ukraine and European security measures. Meanwhile, a senior Russian diplomat disclosed that Russian and US officials plan to meet this week to explore ways to improve bilateral relations, a move initiated by former US President Donald Trump. However, the absence of Ukraine and the European Union in these talks raises concerns over their effectiveness.

In addition, US trade policy decisions remain a key factor for global markets. Further tariff-related announcements from Trump’s administration could heighten economic uncertainty and weigh on crude oil prices. On Friday, Trump signed a memorandum directing the Committee on Foreign Investment in the United States (CFIUS) to impose stricter limits on Chinese investments in strategic sectors.

Investors are also closely watching the upcoming release of the Personal Consumption Expenditures (PCE) index on Friday, the Federal Reserve’s preferred inflation gauge. The data may offer insights into future interest rate policy, potentially influencing oil demand and price movements.

Finally

WTI crude faces downward pressure amid Kurdistan’s resumed exports, geopolitical tensions, and US trade policies. Upcoming economic data will play a crucial role in determining future price trends.

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