(Yicai Global) Feb. 8 -- The powerful earthquakes that struck Turkey and Syria two days ago, killing thousands before dawn, has also touched the global energy market. But despite a rebound in crude oil prices, analysts believe the quakes will have only a limited impact on prices.

Two magnitude 7.8 temblors jolted Turkey and Syria on Feb. 6, closing Ceyhan, Turkey’s main oil port and a key oil sales hub for northern Iraq and Azerbaijan.

Oil prices rose from a low level following the quakes and an easing in macro risk aversion, Everbright Futures noted. The sudden disruption to oil supply only lasted a short time and is expected to have only a moderate bearing on prices, according to Gui Chenxi, chief energy analyst at Citic Futures.

The Turkish government ordered the resumption of crude oil exports from Ceyhan yesterday, saying the previous halt was only a precautionary measure.

Iraq National Oil also said that it will resume exports as soon as possible as there was no damage to pipelines and storage tanks. This month’s exports are not expected to be affected, it added.

The Turkish port exported an average of 1 million barrels of crude oil a day last month, made up of 620,000 barrels from Azerbaijan and 430,000 barrels from Iraq, Yicai Global learned. The oil is mostly destined for Europe.

Federal Reserve Chairman Jerome Powell confirmed in a speech last night that the US central bank will continue to raise interest rates, triggering volatile trading in the oil market. West Texas Intermediate oil futures for March delivery climbed by over 4 percent, while Brent for April delivery rose over 3 percent. 

Soochow Securities expects oil prices to fluctuate between USD77 and USD90 a barrel.

Editors: Shi Yi, Peter Thomas