(MENAFN) Oil prices remained relatively stable on Tuesday, hovering near their highest levels in four months, despite concerns about increased exports from Russia amid ongoing attacks on Ukrainian refineries. Brent crude futures for May delivery edged up ten cents to USD86.99 a barrel by 1320 GMT, while US West Texas Intermediate crude climbed 12 cents to USD82.28. However, the April West Texas Intermediate crude contract, set to expire on Wednesday, experienced a slight dip of 13 cents to USD82.85.

The recent surge in oil prices reflects a culmination of factors, including a reduction in crude oil exports from major producers like Saudi Arabia and Iraq, coupled with signs of robust demand and economic expansion in China and the United States. These developments have bolstered market sentiment, pushing both Brent and West Texas Intermediate crude to their highest levels since November during the previous session.

Giovanni Stanovo, an analyst at UBS, noted that positive surprises in oil demand data, coupled with the extension of voluntary cuts by OPEC+ until the end of June, have provided significant support to oil prices. Stanovo predicts that Brent crude is likely to trade within the range of USD80 to USD90 per barrel throughout the year, with expectations for it to reach USD86 per barrel by the conclusion of June. Despite some volatility driven by geopolitical tensions and market dynamics, the overall outlook remains optimistic, underpinned by ongoing efforts to balance supply and demand in the global oil market.

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