Oil prices extended gains on Tuesday following a drone attack on a Russian oil pipeline pumping station, which disrupted crude flows from Kazakhstan. However, expectations of rising supply limited further price increases.<\/p>\n\n\n\n
Brent crude futures climbed 0.6% to $75.66 per barrel<\/strong> by 10:14 GMT, while U.S. West Texas Intermediate (WTI) crude rose to $71.65 per barrel<\/strong>, marking a 91-cent increase from Friday\u2019s close. There was no settlement for WTI on Monday due to the U.S. Presidents’ Day holiday.<\/p>\n\n\n\n A senior Russian official confirmed that Ukrainian drones targeted a Russian pipeline<\/strong>, affecting the transit of approximately 1% of global crude supply. According to Russian oil transport company Transneft<\/strong>, the attack could reduce Kazakh oil transit volumes by 30%<\/strong> and take up to two months to repair.<\/p>\n\n\n\n Despite this disruption, OPEC+ producers remain committed to planned supply increases<\/strong>. A Russian state media report indicated that the group has no plans to delay the scheduled oil production hikes set to begin in April.<\/p>\n\n\n\n In December, OPEC+ postponed its initial plan to raise output<\/strong>, citing weak demand and rising supply from non-OPEC producers. However, the group appears set to proceed with its original timeline.<\/p>\n\n\n\n Traders are also closely watching U.S.-Russia discussions on the Ukraine conflict<\/strong>, which are set to take place in Saudi Arabia later on Tuesday<\/strong>. The outcome of these talks could have significant implications for geopolitical stability and energy markets.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices extended gains on Tuesday following a drone attack on a Russian oil pipeline pumping station, which disrupted crude flows from Kazakhstan. However, expectations of rising supply limited further price increases. Brent crude futures climbed 0.6% to $75.66 per barrel by 10:14 GMT, while U.S. West Texas Intermediate (WTI) crude rose to $71.65 per …<\/p>\n","protected":false},"author":9,"featured_media":103776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6936,6875,7534],"class_list":["post-112000","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil-prices","tag-russia","tag-sanctions"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=112000"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112000\/revisions"}],"predecessor-version":[{"id":112002,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112000\/revisions\/112002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/103776"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=112000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=112000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=112000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Pipeline Attack Reduces Supply from Kazakhstan<\/strong><\/h3>\n\n\n\n
Markets Await Russia-Ukraine Peace Talks<\/strong><\/h3>\n\n\n\n