By Colleen Howe and Trixie Yap
(Reuters) – Brent crude oil prices advanced on Tuesday, adding gains in the previous session after a drone attack on a oil pipeline pumping station in Russia reduced Kazakhstan flows, but the gains were capped on the prospects of the offer that soon increases.
Brent -gross -gross contracts have won 15 cents, or 0.2%, at $ 75.37 per barrel at 0454 GMT.
Us West Texas Intermediate Intermediate Crude Futures increased by 67 cents from Friday’s fence to $ 71.41 per barrel. There was no regulations for WTI on Monday due to the holidays of the American presidents.
“The primordial theme stimulating oil prices has been subject to supply expectations. With low prices in recent weeks, the news of a drone strike on Kazakhstan export pipeline in Russia has provided The catalyst for a lowering feeling to relax, “said strategist Ig Market Yeap Jun Rong said in an email.
The drone strike at Kropotkinskaya station in the southern Krasnodar region in Russia has reduced Kazakhstan expeditions to world markets by Western companies, including Chevron and Exxon Mobil, the operator Caspian Pipeline Consortium announced on Monday.
The CPC mixing oil loading plan in the Black Sea for February would remain unchanged, two sources familiar with the plan in Reuters said.
“However, longer -term gains should remain capped, as the market can anticipate higher supplies from OPEC + and Russia further, while improving the demand for demand in particular China remains Uncertain, according to recent economic data, “said Ig Yeap from IG.
BRI analysts declared in a note that they saw the Brent prices of an average of $ 76 per barrel in 2025, down 5% compared to the average of 2024, due to the supply excess market, prices and commercial tensions.
OPEC + producers do not plan to delay a series of monthly oil supply which should start in April, according to a media report in the Russian state.
In December, OPEC had rejected a plan to start increasing production until April, due to low demand and increasing supply outside the group.
The markets were also waiting to see if the peace talks in Russia-Ukraine will bear fruit, while officials of the United States and Russian will meet for interviews in Saudi Arabia later on Tuesday.
“There is apparently a lot of things to be slaughtered on the raw market, the largest factor being now the result of the Ukrainian negotiations.” Said Sparta raw material analyst Neil Crosby.
(Report by Colleen Howe; edition by Michael Perry and Sonali Paul)
