Crude oil prices rise on global supply concerns after drone attacks in Kurdistan cause a 200,000 bpd production loss in Iraq. Strong US economic data boosts energy demand, while a rally in the dollar index limits gains. Signs of strength in the US economy include lower unemployment claims and higher retail sales.

Iraq plans to resume oil exports from its northern Kurdish region, expecting to supply 230,000 bpd of crude to the market. OPEC+ plans to increase crude production by 548,000 bpd in August, with potential for further hikes to penalize overproducing members. The goal is to reverse a 2-year production cut.

OPEC+ discusses pausing production increases in October amid concerns of a global oil demand slowdown. A decrease in crude stored on tankers and a draw in US crude inventories support oil prices. US crude production remains slightly below record highs, while the number of active rigs declines to a 3.75-year low.

Read more at Yahoo Finance: Crude Oil Prices Climb on Supply Disruptions in Iraq