Doha: Oil prices remained steady on Friday as a series of drone attacks on oilfields in Iraqi Kurdistan heightened supply concerns, while uncertainty surrounding US tariff policy and anticipated increases in oil production limited potential gains. According to Qatar News Agency, Brent crude saw a minor decrease of 4 cents, settling at $69.48 a barrel, while US West Texas Intermediate (WTI) dipped 3 cents to $67.51. This comes after both benchmarks had experienced a significant increase of approximately $1 in the previous session. The drone attacks in northern Iraq's Kurdistan region over four consecutive days have significantly impacted oil production, reducing more than half of the area's 280,000 barrels per day (bpd) output. This disruption has affected between 140,000 to 150,000 barrels per day, contributing to the current supply concerns. In addition to the supply issues, ongoing uncertainty regarding US tariff policy continues to weigh on the market. The resolution of these tariff concerns is not anti cipated until after August 1, and fears of escalating trade tensions potentially reducing demand are negatively affecting market sentiment. Moreover, the anticipation of major oil producers rolling back output cuts is adding to the cautious outlook. This increase in supply is expected to coincide with the tapering of the seasonal demand cycle, further influencing the stability of oil prices.
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Oil Prices Remain Steady Amid Drone Attacks and Tariff Concerns
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