Oil Steadies as OPEC+ Considers Delay in Output Restoration, Ukraine Strikes Russian Crude Station
Brent crude hovers around $75 a barrel, while West Texas Intermediate trades above $71 after modest gains on Monday.
OPEC+ delegates indicate the group is contemplating postponing monthly supply increases planned to begin in April.
A Ukrainian drone attack has led to reduced exports from a major pipeline in Russia, affecting supply from Kazakhstan.
Despite the potential delay, Russia's Alexander Novak denies discussions of deferral within OPEC+.
"Bearish sentiment has eased slightly due to the drone strike in Russia," says IG Asia analyst Yeap Jun Rong.
Market focus remains on supply outlook from OPEC+ and the resumption of exports from Iraq's Kurdistan region within a week, as stated by Iraqi Oil Minister Hayyan Abdul Ghani.
Crude has faced a turbulent start to 2025, with gains erased amid concerns over global growth and energy demand.