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Oil prices rose to the highest level in more than two weeks upon settlement
Oil prices continued to rise at the settlement of trading on Tuesday, the twenty-eighth of March, amid easing concerns related to the banking sector, and the strength of energy demand from China.
Crude prices also benefited from the risks of supply disruptions from the Kurdistan region of Iraq, as Iraq was forced to stop exporting about 450,000 barrels per day from the northern Kurdistan region through Turkey, after an arbitration decision confirmed that Baghdad's approval was required to ship oil.
Upon settlement, Brent crude futures rose 0.7% to $78.65 a barrel.
And US oil futures rose by 0.5%, recording $73.20 a barrel.
Analysts pointed out that the recession of the banking crisis helped to improve the outlook for global economic growth.
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