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Oil Prices Rise Amid Supply Fears And OPEC+ Caution
(MENAFN- The Rio Times) Oil prices edged higher on Monday as geopolitical tensions and supply concerns dominated markets. Reports from Ryazan, Russia, revealed that a Ukrainian drone strike forced the shutdown of a major refinery.
This attack disrupted operations at the facility, which is critical for Russian fuel production. The incident raised fears of further supply disruptions, adding pressure to already volatile markets.
West Texas Intermediate (WTI) crude for April delivery closed at $70.70 per barrel, up 0.42% or $0.30. Brent crude for May delivery settled at $74.31 per barrel, gaining 0.35% or $0.26.
Early Tuesday trading saw both benchmarks extend their gains, with WTI and Brent rising to $71.13 and $75.16 per barrel, respectively. Market participants also focused on OPEC+ as the group reaffirmed plans to cautiously increase production starting in April.
Analysts noted that this measured approach reflects the cartel's efforts to balance fiscal needs with price stability amid geopolitical risks. Amena Bakr, Middle East Energy Director at Kpler, emphasized that OPEC+ seeks to maintain prices within a specific range to support member budgets while avoiding market shocks.
Meanwhile, U.S.-Iran tensions escalated after Washington imposed new sanctions on over 30 entities tied to Iranian oil exports . These measures aim to curb Iran's crude shipments, tightening global supply further.
Oil Markets React to Tariffs, Supply Disruptions
Additionally, President Trump's confirmation of tariffs on Canadian and Mexican imports added uncertainty about future oil demand growth. Technical analysis showed WTI testing resistance near $71.71 per barrel, with potential gains toward $72.77 if breached.
Brent faced resistance at $75.85 per barrel, with a breakout potentially pushing prices above $80. However, failure to break these levels could lead to retracements for both benchmarks.
ETF inflows into oil funds increased modestly as traders anticipated tighter supplies but remained cautious about demand risks tied to tariffs and geopolitical uncertainties.
Trading volumes rose sharply on Monday as speculative activity surged following the Ryazan refinery attack and OPEC+ announcements. Upcoming inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA) will likely influence short-term price movements.
Analysts expect further volatility as markets navigate supply disruptions and geopolitical developments in Russia and Iran alongside OPEC+ production strategies.
This attack disrupted operations at the facility, which is critical for Russian fuel production. The incident raised fears of further supply disruptions, adding pressure to already volatile markets.
West Texas Intermediate (WTI) crude for April delivery closed at $70.70 per barrel, up 0.42% or $0.30. Brent crude for May delivery settled at $74.31 per barrel, gaining 0.35% or $0.26.
Early Tuesday trading saw both benchmarks extend their gains, with WTI and Brent rising to $71.13 and $75.16 per barrel, respectively. Market participants also focused on OPEC+ as the group reaffirmed plans to cautiously increase production starting in April.
Analysts noted that this measured approach reflects the cartel's efforts to balance fiscal needs with price stability amid geopolitical risks. Amena Bakr, Middle East Energy Director at Kpler, emphasized that OPEC+ seeks to maintain prices within a specific range to support member budgets while avoiding market shocks.
Meanwhile, U.S.-Iran tensions escalated after Washington imposed new sanctions on over 30 entities tied to Iranian oil exports . These measures aim to curb Iran's crude shipments, tightening global supply further.
Oil Markets React to Tariffs, Supply Disruptions
Additionally, President Trump's confirmation of tariffs on Canadian and Mexican imports added uncertainty about future oil demand growth. Technical analysis showed WTI testing resistance near $71.71 per barrel, with potential gains toward $72.77 if breached.
Brent faced resistance at $75.85 per barrel, with a breakout potentially pushing prices above $80. However, failure to break these levels could lead to retracements for both benchmarks.
ETF inflows into oil funds increased modestly as traders anticipated tighter supplies but remained cautious about demand risks tied to tariffs and geopolitical uncertainties.
Trading volumes rose sharply on Monday as speculative activity surged following the Ryazan refinery attack and OPEC+ announcements. Upcoming inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA) will likely influence short-term price movements.
Analysts expect further volatility as markets navigate supply disruptions and geopolitical developments in Russia and Iran alongside OPEC+ production strategies.
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