Oil rises on Kurdistan export halt and banking optimism

Concerns over a crisis in Turkey's banking sector have eased, contributing to a 1.6% increase in Brent crude prices to $76.17 a barrel and a 1.9% rise in US West Texas Intermediate crude to $70.54. Oil prices were also boosted by a partial halt to exports from Iraqi Kurdistan via Turkey on Saturday, which removed 450,000 barrels per day from the global supply. US authorities are said to be considering expanding emergency lending facilities in banks in a bid to provide additional support for bank funding.

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