Brent oil prices are stable at above $82 per barrel

Yesterday, the price of oil rose sharply from the level of $80.30 per barrel to $82.80. On Tuesday, prices are stable amid uncertain demand prospects and ongoing problems with the supply of raw materials from Iraq.

The current Brent oil quote is $82.55 per barrel, WTI oil is trading at $78.80 after yesterday's decline to $76.70. 

Analysts note that the demand for fuel in Asia is weakening, and companies in the region note a decrease in refining margins. This suggests that hopes for the rapid growth of the Chinese economy have not yet been fulfilled. Moreover, there are no signs of an increase in demand for petroleum products in the country yet.

Meanwhile, oil supplies from Iraqi Kurdistan are still suspended, and, according to experts, this is a fundamental factor that provides support to the oil market in conditions of weak demand. 

Recall that yesterday it became known about the further postponement of negotiations between the Iraqi authorities, the Kurdistan regional government and Turkey. It is worth noting that these negotiations are critically important for the resumption of oil supplies from the north of Iraq.

At the same time, there are fears of a recession among investors, which is a deterrent for the oil market. Analysts believe that this factor will keep prices below the $100 per barrel mark.