Oil Edged Up on OPEC+ Supply Considerations and Geopolitical Tensions

Oil prices saw a modest increase during a volatile trading session as the OPEC+ group deliberates adjusting its monthly supply increments scheduled to commence in April.

Market Dynamics:

* Brent futures in London gained 0.5%.
* Iraq's oil minister indicated that exports from the Kurdistan region may resume within a week, potentially adding 300,000 barrels per day to the market.
* Kazakhstan's primary oil export pipeline experienced reduced capacity following a drone attack, affecting expected shipments of 1.6 million barrels per day.
* West Texas Intermediate futures briefly entered contango, signaling possible oversupply concerns. However, later contracts maintained a bullish pattern.

OPEC+ Considerations:

* OPEC+ is contemplating deferring the planned supply increases due to fragile market conditions.
* The group remains divided on the appropriate course of action.

Geopolitical Influences:

* President Donald Trump's continued pressure on OPEC+ for lower prices and his push for a resolution in Ukraine raise uncertainties for future oil flows.
* Thin trading is expected later on Monday due to the Presidents' Day holiday in the US.

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