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Oil Updates — Crude falls; Iraq PM announces Kurdistan oil revenue agreements

Oil prices fell on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.

RIYADH: Oil prices fell on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. 

Brent crude futures were down 53 cents or 0.66 percent to $80.24 a barrel at 05.15 p.m. Saudi time, having earlier touched a low of $78.76. US West Texas Intermediate crude futures were down 69 cents or 0.92 percent to $74.11 a barrel, off a low of $72.69.

On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December.

The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the US Federal Reserve’s sharp interest rate hikes over the last year. 

Equinor makes Norway oil and gas discovery 

Equinor has made an oil and gas discovery near the Troll field in the North Sea, believed to contain between 24 million and 84 million barrels of oil equivalent, the company said on Tuesday. 

The discovery, which contains slightly more oil than gas, is commercially interesting, partly because it can use existing infrastructure connected to the company’s floating processing and accommodation platform Troll B, Equinor said. 

However, an appraisal well is needed to estimate the size of the find and the volumes that can be recovered more precisely, it added. 

Named Heisenberg, the find is Equinor’s eighth discovery in the Troll field area since 2019. 

Equinor holds a 51 percent stake in the license, while DNO ASA holds 49 percent, according to Norway’s Petroleum Directorate. 

Iraq PM announces Kurdistan oil revenue agreements 

Mohammed Shia’ Al Sudani, prime minister of Iraq, has announced an agreement to end the dispute between Baghdad and Irbil over the Kurdistan region’s oil revenues. 

After a cabinet meeting, Al Sudani said that Kurdistan’s oil revenues would be deposited in a single account as a part of the agreement. At the same time, both the Kurdistan prime minister and the federal prime minister will be authorized to monitor the account. 

There will also be a committee that will submit its recommendations to make appropriate decisions if any disputes arise. 

(With input from Reuters) 

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