Oil prices stabilize after 3-day rally

Global oil prices are stable on February 9 morning after a three-day rally, Report informs referring to the auction data.

Markets continue to assess the supply outlook after the devastating earthquakes in Turkiye and Syria, also drawing attention to the weekly data on oil inventories in the US.

The price of April futures for Brent crude fell by 0.04% to $85.06 per barrel, March futures for WTI decreased by 0.06% to $78.42.

Earlier it was reported that due to the earthquake, operations were suspended in the large Turkish oil port of Ceyhan, and in Syria, the operation of the biggest refinery in the province of Tartus was suspended.

According to released statistics, US commercial oil stocks rose by 2.4 million barrels, while an increase of 2.5 million was expected. Oil production at the same time increased by 100,000 barrels per day to 12.3 million barrels per day, while stocks of distillates and gasoline rose more than expected.