Brent crude oil prices dipped in early Tuesday trading after rising in the previous session, following a drone attack on a Russian oil pipeline pumping station that curbed flows from Kazakhstan.
By 3:15 pm AEDT (4:15 am GMT), Brent crude futures added $0.09 or 0.1% to US$75.31 per barrel, while U.S. West Texas Intermediate (WTI) crude for April rose $0.62 or 0.9% to $71.33 per barrel.
A drone strike on the Kropotkinskaya station in Russia’s Krasnodar region disrupted oil shipments from Kazakhstan, affecting Western firms including Chevron and Exxon Mobil, according to Caspian Pipeline Consortium.
Meanwhile, amid rising speculation, Reuters reported that OPEC+ producers are not considering delaying planned monthly oil supply increases set to begin in April.
The oil cartel had previously postponed output hikes to April, citing weak demand and rising supply from outside the group.
ANZ analysts noted, "Iraq’s oil minister said exports from the semi-autonomous Kurdistan region may resume within a week. That could see the return of more than 300kb/d to the market.
“The market is also watching the progress of U.S. policies. Last week, Treasury Secretary Bessent said the U.S. will seek to slash Iranian oil exports. Meanwhile, Trump is pushing ahead with talks with Russia about ending its war with Ukraine. The countries' top officials are slated to meet in Saudi Arabia this week.”
