Oil Climbs as Futures Hit Key Technical Level on Russia Risk

Group 1 - Oil prices have seen significant gains, with Brent trading above $68 a barrel and West Texas Intermediate above $64, influenced by geopolitical tensions and supply concerns [2][4] - A recent industry report indicated a decrease in US crude inventories by 3.8 million barrels, although distillate holdings increased, with official data expected later [3] - Russia is considering restrictions on diesel exports due to attacks on its energy infrastructure, which has raised concerns about supply disruptions [4] Group 2 - Analysts suggest that oil prices are supported by low inventories in the OECD and expectations of a large crude draw in the US, despite higher OPEC+ crude exports acting as a counterbalance [5] - Iraq is finalizing a deal to resume crude exports from its Kurdistan region, potentially adding 230,000 barrels a day to the international market, which could contribute to an oversupply [6] - Market metrics indicate strengthening, with Brent's prompt spread in backwardation at 77 cents a barrel, more than double the level from two weeks ago [7]