Assessing Banks and Russia: Oil's Volatility and Outlook

Oil prices rose on Monday due to a halt in oil exports from Iraqi Kurdistan via Turkey and moves to contain a potential banking crisis that could have hit demand for crude. About half a percent of global oil supply, or 450,000 barrels per day (bpd), of crude exports from Kurdistan stopped on Saturday after a victory in an arbitration case confirmed Baghdad's consent was needed to ship the oil from Turkey. Additionally, Putin's plans to station tactical nuclear weapons in Belarus also supported oil prices.