Oil prices fell on Tuesday after a Ukrainian drone strike disrupted supplies from Kazakhstan, fueling concerns over oversupply and potential peace negotiations between Russia and Ukraine.
At 09:38 ET, Brent Oil Futures declined by 0.2% to $75.10 per barrel, while Crude Oil WTI Futures increased by 0.7% to $71.17 per barrel. The decline was primarily driven by supply-side worries after drones targeted a key Russian crude-pumping station, essential for oil exports from Kazakhstan.
Reports also suggested that OPEC+ is considering delaying its plans to restore output, further fueling concerns about global supply chains. However, Russian Deputy Prime Minister Alexander Novak denied these claims, stating that OPEC and its allies do not have such plans.
The market remains cautious due to concerns over potential new tariffs from the US administration, which could disrupt trade routes and hinder industrial activities. A stronger US dollar, reflecting safe-haven appeal amid trade uncertainties, also puts pressure on oil prices.
Despite near-term demand signals providing support for crude prices, analysts remain uncertain about a potential peace agreement between Russia and Ukraine, which could significantly influence global oil supply dynamics.
Source: https://economymiddleeast.com/news/oil-prices-drop-0-2-percent-to-75-10-as-opec-considers-output-delays