Dollar prices in Baghdad and Erbil markets stabilized on Thursday
At the end of the trading session on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the exchange rate for the US dollar remained at $154,000 against $100.
In local exchange shops in Baghdad, prices for selling USD remained at 155,000 Iraqi dinars per 100 dollars, while the purchasing price was steady at 153,000 dinars.
In Erbil, the exchange rate for USD increased slightly to 154,600 IQD per 100 USD for selling and 154,500 IQD per 100 USD for buying.
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Oil prices inch up on expected US crude stock decline
Oil prices rose on Thursday after industry data indicated a decrease in U.S. crude oil inventories last week, signaling tightening supplies along with extended production cuts in Saudi Arabia and Russia.
Market sources citing American Petroleum Institute figures said that the US crude oil inventories were projected to drop by 5.5 million barrels in the week ending Sept. 1, after the market settlement.
The U.S. Energy Information Administration will release official inventory data on Thursday at 11 a.m. EDT (1500 GMT).
Brent crude futures increased to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose to $87.65.
On Tuesday, oil prices saw a sudden rise. The reason behind this was the announcement made by Saudi Arabia and Russia to extend voluntary oil supply cuts until the end of the year. Saudi Arabia has decided to cut its oil supply by 1 million barrels per day (bpd) while Russia has cut its supply by 300,000 bpd. These cuts are in addition to the cut that was agreed upon by several OPEC+ producers in April, which will continue to run until the end of 2024.
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