LONDON—Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as easing fears of a global banking crisis supported risk sentiment in the wider markets.
Crude exports of 450,000 barrels per day (bpd) from Iraq’s semi-autonomous northern Kurdistan region were halted on Saturday following an arbitration decision that confirmed Baghdad’s consent was needed to ship the oil.
Brent crude climbed 42 cents, or 0.5 percent, to $79.07 a barrel by 0802 GMT, while West Texas Intermediate U.S. crude increased 61 cents, or 0.8 percent, to $73.81.
“The longer the stoppage continues, the tighter the supply outlook will become,” said Stephen Brennock of oil broker PVM….