Brent oil costs tick down after gaining on Caspian pump station assault

By Colleen Howe

BEIJING (Reuters) – Brent crude oil costs paused in early buying and selling on Tuesday after gaining within the earlier session following a drone assault on an oil pipeline pumping station in Russia that diminished flows from Kazakhstan.

Brent crude futures ticked down 7 cents, or 0.09%, to $75.15 a barrel by 0137 GMT.

U.S. West Texas Intermediate (WTI) crude rose 47 cents to $71.21 a barrel. The WTI contract didn’t settle at its regular time on Monday as a result of U.S. Presidents’ Day vacation.

The drone strike on the Kropotkinskaya station in Russia’s southern Krasnodar area diminished shipments from Kazakhstan to world markets by Western corporations together with Chevron and Exxon Mobil, operator Caspian Pipeline Consortium stated on Monday.

The Black Sea CPC Mix oil loading plan for February would stay unchanged, two sources accustomed to the plan instructed Reuters.

Weak fundamentals additionally saved the worth response muted. BMI analysts stated in a be aware that they see Brent costs averaging $76 a barrel in 2025, down 5% from the 2024 common, due to market oversupply, tariffs and commerce tensions.

OPEC+ producers are usually not contemplating delaying a sequence of month-to-month oil provide will increase that’s scheduled to start in April, in keeping with a Russian state media report.

In December, OPEC had pushed again a plan to start elevating output to April, resulting from weak demand and rising provide outdoors the group.

(Reporting by Colleen Howe; Modifying by Michael Perry)