Key Points
Brent crude futures. for May delivery fell 16 cents, or 0.2%, to $87.22 a barrel by 0407 GMT..
The more active May WTI contract was at $82.55 a barrel, down 18 cents.. "Profit-taking could be a reason for the downside movement today," Auckland-based independent analyst Tina Teng said, adding that the recent price rally has been supported by improving. outlook and signs of supply reduction...
Both Brent and WTI settled at their highest levels since late October in the previous session as market participants assessed the impact on crude and petroleum supplies from Ukrainian drone attacks on Russian refineries...
"Supply risks surrounding Russian refined products continue to provide support at a time when the market is set to tighten following the rollover of additional voluntary cuts from OPEC+ into 2Q24," ING analysts including Warren Patterson said in a note...
Oil exports from Russia's western ports will increase by almost 260,000 barrels per day in March over an initial monthly plan to 2.22 million bpd, they said.. "If these disruptions are prolonged, it could eventually force Russian producers to reduce supply if they are unable to export all of this crude oil," Patterson said.. "These attacks are more bullish for refined products in the immediate term."..
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