International crude oil prices rose on February 24. Iraq reaffirmed its commitment to the OPEC+ agreement and promised to compensate for overproduction, which intensified concerns about potential short-term supply tightness.

Besides, ongoing negotiations over the Russia-Ukraine conflict might change the direction of crude oil exports.

West Texas Intermediate (WTI) crude for March delivery increased by US$0.30 (0.4%), reaching US$70.70/barrel on the New York Mercantile Exchange. Brent crude for April delivery rose by US$0.35 (0.5%), settling at US$74.78/barrel.