Oil inches up on Kazakhstan supply disruption
Brent crude oil prices advanced on Tuesday adding to gains in the previous session after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, but gains were capped on the prospects of supply rising soon.
Brent crude futures gained 23 cents, or 0.3%, to $75.45 per barrel at 0758 GMT.
U.S. West Texas Intermediate crude futures were up 75 cents from Friday's close at $71.49 a barrel. There was no settlement for WTI on Monday due to the U.S. Presidents' Day holiday.
Meanwhile, the Black Sea CPC Blend oil loading plan for February would remain unchanged, two sources familiar with the plan told Reuters.
"However, longer-term gains are likely to remain capped as the market may anticipate higher supplies from OPEC+ and Russia further down the road, while improvement in demand outlook particularly from China still remains uncertain, going by recent economic data," IG's Yeap said.
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 scheduled to begin in April, according to a Russian state media report.
Source: Reuters
