Oil lower as dollar firms; market eyes Iraq exports

Brent crude futures dipped 37 cents, or 0.5%, to $77.91 a barrel at 0300 GMT, while West Texas Intermediate crude fell 28 cents, or 0.4%, to $72.69 a barrel.

Producers have shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline, with more outages on the horizon,But the Kurdistan-Iraq premium in oil prices could vanish sooner than expected, analysts from Citi said Thursday.

Meanwhile, an unexpected drop in U.S. crude oil stockpiles limited price declines, with imports sliding to a two-year low, based on U.S. Energy Information Administration.fell by 7.5 million barrels to 473.7 million barrels in the week to March 24, while analysts' expectations in a Reuters poll were for a rise of 100,000 barrels.fell by 2.9 million barrels to 226.7 million barrels, compared with analysts' expectations for a 1.6 million-barrel drop.

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