West Texas Intermediate (WTI) Oil price edges higher to around $70.30 per barrel during Asian trading hours on Monday. However, crude Oil prices faced downward pressure amid expectations of resumed exports from Kurdistan's Oilfields.
On Sunday, Reuters reported that an Iraqi Oil ministry official confirmed Iraq's plan to export 185,000 barrels per day (bpd) from Kurdistan's Oilfields via the Iraq-Turkey pipeline. The ministry stated that all necessary procedures had been completed to facilitate the resumption of exports through the pipeline.
Meanwhile, traders remain focused on developments related to the ongoing conflict between Russia and Ukraine, which enters its fourth year on Monday. European Union leaders are expected to convene for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security assurances.
Additionally, a senior Russian diplomat indicated that Russian and US teams plan to meet this week to explore ways to improve bilateral relations. This follows US President Donald Trump's initiative to engage Russia in talks aimed at ending the war, though notably without the involvement of Ukraine or the European Union.
Investors are also closely watching potential developments on US trade policy. Further tariff-related announcements from President Trump could heighten global trade tensions, exerting additional downward pressure on crude Oil prices. On Friday, Trump signed a memorandum directing the Committee on Foreign Investment in the United States (CFIUS) to restrict Chinese investments in strategic sectors.
Finally, market participants will be paying close attention to the release of the Personal Consumption Expenditures (PCE) index on Friday — the Federal Reserve's (Fed) preferred measure of inflation — which could provide further insights into the central bank's future interest rate policy.
Source: Fxstreet
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