Work on a pipeline carrying oil from northern Iraq to Turkey should be complete "in a day or two", an industry source based in the Kurdistan region said on Sunday, with the outage now in its third week.
Flows through the pipeline, which carries around 600,000 barrels per day (bpd) of oil from fields in Iraq's Kurdistan region and Kirkuk to the Mediterranean port of Ceyhan, have been suspended since Feb. 17.
The Turkish energy ministry said on Feb. 27 it had begun work to repair the pipeline.
China's economy isn't headed for a hard landing and isn't dragging on the global economy, China's top economic planner said on Sunday, but uncertainty and instability in the global economy do pose a risk to the country's growth.
China on Saturday acknowledged it faced tough battle to keep world's No.2 economy growing by at least 6.5 percent over the next five years while pushing hard to create more jobs and restructuring state-owned enterprises.
The comments, as Beijing kicked off its 12-day annual national parliament, underscored the challenges facing China as its economy transitions from an investment and export focused economy to one based more on services and consumption.
Oil prices edged higher in volatile trading on Wednesday, as a big build in U.S. crude stockpiles did not stop a two-week rally, with buyers banking on production limit plans by OPEC and Russia.
The U.S. government said crude inventories rose by 10.4 million barrels to a record high 518 million during the week to Feb. 26. That build reported by the U.S. Energy Information Administration (EIA) was almost triple the 3.6 million-barrel increase expected by analysts in a Reuters poll. [EIA/S]
Oil prices dipped on the data but recovered later to trade modestly higher from Tuesday's settlement.