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Brent crude futures ticked down 7 cents, or 0.09%, to $75.15 a barrel BEIJING: Brent crude oil prices paused in early trading on Tuesday after gaining in the previous session following a drone attack on an oil pipeline pumping station in Russia that reduced flows from Kazakhstan. Brent crude futures ticked down 7 cents, or 0.09%, to $75.15 a barrel by 0137 GMT. U.S. West Texas Intermediate (WTI) crude rose 47 cents to $71.21 a barrel. The WTI contract did not settle at its normal time on Monday due to the U.S. Presidents Day holiday. The drone strike on the Kropotkinskaya station in Russias southern Krasnodar region reduced shipments from Kazakhstan to world markets by Western firms including Chevron and Exxon Mobil, operator Caspian Pipeline Consortium said on Monday. The Black Sea CPC Blend oil loading plan for February would remain unchanged, two sources familiar with the plan told Reuters. Weak fundamentals also kept the price response muted. BMI analysts said in a note that they see Brent prices averaging $76 a barrel in 2025, down 5% from the 2024 average, because of market oversupply, tariffs and trade tensions. OPEC+ producers are not considering delaying a series of monthly oil supply increases that is scheduled to begin in April, according to a Russian state media report. In December, OPEC had pushed back a plan to begin raising output to April, due to weak demand and rising supply outside the group. |
