Brent drops from $ 75 as investors doubt the continuation of the rally

BAGHDAD Oil prices fell on Thursday after Brent crude climbed above $ 75 a barrel for the first time in nearly six months as some of Russian crude exports to Europe were suspended as investors questioned the market’s ability to keep rising.

Brent crude fell 22 cents, or 0.30 percent, to settle at $ 74.35 a barrel, after hitting a high of $ 75.60, its highest since October 31, according to Reuters.

US WTI fell 68 cents, or 1.03 percent, to settle at $ 65.21 a barrel, after peaking at $ 66.28.

Analysts said prices had begun to fall before a direct settlement of technical factors.

Poland and Germany suspended Russian crude imports via the Drogba pipeline, citing problems of quality. The pipeline could carry up to one million barrels a day, or 1 percent of global demand for crude, and about 700,000 barrels per day of the inflows were suspended, according to trade sources and Reuters calculations.

Russia, the world’s second-largest crude exporter, said it plans to start pumping clean fuel to Europe via the pipeline on April 29.

US crude stocks are also putting pressure on the market, analysts said.

US commercial oil inventories rose 5.5 million barrels last week to 460.6 million barrels, their highest since October 2017. Inventories at the delivery center in Cushing, Oklahoma, rose 463,000 barrels, government data showed on Wednesday.

Source: National Iraqi News Agency