Crude prices rose for a third day in early Asian trade on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and market sentiment improved as fears of a banking crisis eased.
Brent crude futures rose 42 cents, or 0.5 per cent, to $79.07 a barrel at 0046 GMT. West Texas Intermediate US crude climbed 59 cents, or 0.8 per cent, to $73.79 a barrel.
“Worries over reduced supply from Iraq’s Kurdistan region and a relief in financial markets worried about the banking sector turmoil continued to boost investors’ risk appetite,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.
