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International benchmarks for crude oil climbed another 2% on Monday, 18 March 2024 on reports that Iraq would lower crude oil exports to about 3.3 million barrels per day in the coming months while both the US and China showed positive signs of economic growth.

Iraq pledged to cut exports by 130,000 bpd starting in March to compensate for the overproducing in January and February. Meanwhile, data showed Saudi Arabia’s crude export fell for the second straight month in January at 6.297 million bpd. 

Brent futures increased by $1.55 or 1.8%, settling at $86.89/barrel.

WTI climbed by $1.68 or 2.1% to settle at $82.72/barrel.