Oil Holds Gains as OPEC+ May Delay Supply Increase
Oil prices steadied after rising as OPEC+ delegates said the group was considering delaying a production recovery, and Ukrainian drones attacked crude pumping stations in Russia.
West Texas Intermediate crude was trading near $71 a barrel, while Brent crude settled above $75. The cartel and its allies are considering delaying a series of monthly supply increases that were due to start in April, delegates from the producer group said. Meanwhile, a Ukrainian drone attack slowed a major export pipeline from Kazakhstan.
Crude prices have had a tough start to the year, having shed much of their gains as U.S. President Donald Trump’s use of tariffs threatened to slow global growth and energy demand. Market gauges are also showing signs of weakness, with net-bullish positions on crude pulled back.
Source: Bloomberg