Brent oil experienced a drop at the beginning of this Wednesday, but managed to recover and by the close of the European markets, it increased, reaching over 108 dollars per barrel. At the close of the European stock exchanges, Brent had risen to 108.06 dollars. Meanwhile, Texas Intermediate oil (WTI) was trading at 97.65 dollars at that time. At the start of the session, Brent crude had fallen to a low of 100.34 dollars. The recovery in oil prices was due to the semi-autonomous region of Iraqi Kurdistan announcing that it would allow the federal Government of Iraq to resume oil exports through its pipeline. After 3:30 PM, the price of the barrel approached nearly 110 dollars, following an increase that brought it to 109.95 dollars.
Oil continues its climb: Brent is now trading above 108 dollars.
