OIL: Crude Edges Higher on Supply Issues and Weaker US Dollar

Crude markets are edging higher with support from short term supply disruptions and with a slightly weaker US dollar.

• Further Canadian wildfires are still a risk to Canadian oil sands output after a heat wave resulted in an increase in fires over the weekend. Production has been gradually returning following outages last week with Vermilion Energy today saying 60% of the shut in production has been restored.
• Crude oil exports from Iraq’s northern fields in the Kurdistan region have yet to restart despite Iraq’s desire to resume flows on Sat 13 May. Approximately 470kbpd of production has been missing from the market since 25 March.
• Technical support for Brent is at 71.28$/bbl and resistance at the 20 day EMA of 77.61$/bbl.
  • Brent JUL 23 up 0.8% at 74.75$/bbl
  • WTI JUN 23 up 0.8% at 70.61$/bbl