Oil's September Surge Propels Bull Market Run on Demand Optimism
- IEA, OPEC this month boosted global consumption forecasts
- Turkey threatens Kurdish exports after independence vote
Oil Traders Prep for End of 'Lower for Longer' Era
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Oil posted its biggest quarterly gain in more than a year on forecasts for rising demand and Turkey’s threat to halt Kurdish crude exports.
Futures jumped 9.4 percent in September and settled above $50 a barrel on Friday for the eighth straight session. OPEC and the International Energy Agency this month boosted demand forecasts, signaling the surplus that has weighed on prices may shrink further. Iraq said Thursday that Turkey agreed to deal exclusively with the central government in Baghdad over exports of Kurdish crude, a step that could disrupt supplies.