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Brent crude oil prices stabilized in early Tuesday trading after a drone attack on Russia’s Kropotkinskaya pipeline station disrupted oil flows from Kazakhstan. Brent futures dipped 0.09% to $75.15 per barrel by 0137 GMT, while U.S. West Texas Intermediate (WTI) crude rose 47 cents to $71.21 per barrel, with Monday's WTI settlement delayed due to the U.S. Presidents' Day holiday.
The drone strike in Russia's Krasnodar region reduced shipments managed by the Caspian Pipeline Consortium, affecting Western companies like Chevron and Exxon Mobil. Despite the disruption, February’s Black Sea CPC Blend oil loading schedule remains unchanged, sources told Reuters.
Market fundamentals kept price reactions subdued. Analysts from BMI forecast Brent prices averaging $76 per barrel in 2025, reflecting a 5% decline from 2024 due to oversupply, tariffs, and trade tensions.
OPEC+ producers are not considering delaying scheduled oil supply increases starting in April, according to Russian state media. In December, OPEC had postponed raising output until April in response to weak demand and growing supply from non-OPEC sources.
The combination of geopolitical tensions and market oversupply continues to influence global oil prices.
