Crude oil futures gained 1

Crude oil futures gained 1.2% in afternoon trading as the EIA’s latest report confirmed a 3.5M barrel draw in U.S. crude stocks. Energy equities reacted positively, with major oil producers outperforming the S&P 500 energy sector index. The outlook for higher crude production in Iraq is also expected to boost global oil supplies, which is bearish for crude prices.  Iraq last Monday announced that it had reached an agreement with the regional government of Kurdistan to resume oil exports from the Kurdish region via a pipeline to Turkey, which had been halted for the past two years due to a payment dispute.  Iraqi Foreign Minister Hussein said Thursday that the resumption of crude exports could add 500,000 bpd of fresh oil supplies to global markets. India’s Oil Imports From Russia Slip as Refiners Diversify Risk CME Group data shows increased speculative long positions, while volatility indices for oil remain below seasonal averages, hinting at steady momentum rather than sharp swings.