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crude-oil-prices-rise-on-supply-concerns

Crude oil prices rise on supply concerns

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Russia said CPS oil flows, a major route for crude exports from Kazakhstan, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.

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<p>Russia said CPS oil flows, a major route for crude exports from Kazakhstan, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.</p> <p>“><figcaption class=Russia said CPS oil flows, a major route for crude exports from Kazakhstan, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.

Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the U.S., while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.
Brent futures were up 65 cents, or 0.9%, at USD 76.49 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 89 cents, or 1.2%, to USD 72.74. That puts both crude benchmarks on track for their highest closes since February 11.

“The market is trying to make up its mind on three bullish drivers: Russia, Iran and OPEC,” said BNP Paribas commodities strategist Aldo Spanjer. “People are trying to figure out the impact of announced and actual sanctions.”

Drone attacks on Russian oil infrastructure are reducing supplies.

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The market is weighing the impacts of sanctions, drone attacks on Russian oil infrastructure, and the reduction of CPC oil flows from Kazakhstan.

Reuters

<p>Russia said CPS oil flows, a major route for crude exports from Kazakhstan, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.</p> <p>“><figcaption><span>Russia said CPS oil flows, a major route for crude exports from Kazakhstan, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.</span></figcaption></figure> <p>Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the U.S., while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.<br />Brent futures were up 65 cents, or 0.9%, at USD 76.49 a barrel, while U.S. <a href=West Texas Intermediate (WTI) crude rose 89 cents, or 1.2%, to USD 72.74. That puts both crude benchmarks on track for their highest closes since February 11.”The market is trying to make up its mind on three bullish drivers: Russia, Iran and OPEC,” said BNP Paribas commodities strategist Aldo Spanjer. “People are trying to figure out the impact of announced and actual sanctions.”

Drone attacks on Russian oil infrastructure are reducing supplies.

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