Oil price news: Oil holds gain with Russian refining and OPEC+ curbs to the fore
BNN Bloomberg
Oil held most its recent gains after reaching the highest close since late October on Monday, as Ukrainian drone attacks on Russian refineries and OPEC+ supply cuts remained in focus.
Brent was trading little changed near US$87 a barrel. Crude is on course for a third monthly advance after breaking free from a narrow range it had been trading in for much of the year. OPEC+ supply curbs have helped to bolster prices, and Iraq said this week it would cut oil exports in the coming months to compensate for not having delivered in full on its earlier pledges to reduce production.
About 600,000 barrels of Russia’s daily refining capacity has been knocked out by Ukrainian attacks, according to Gunvor Group Ltd., while JP Morgan Chase and Co. flagged 900,000 barrels, adding potential pressure to fuel markets.
Crude’s upswing over recent days has seen several key market gauges turn more positive. Options markets have their least bearish tilt in months, and key timespreads suggest traders are pricing in a tighter market.
