Oil prices largely recovered following OPEC+ discussions of delaying increased oil production and after Ukrainian drones targeted an oil pumping station in Russia.
West Texas Intermediate traded near $71 per barrel, while Brent crude reached $75. OPEC+ delegates suggested that the group may delay monthly production increases scheduled to commence in April. A drone attack by Ukraine forced the reduction of flow in the primary export pipeline from Kazakhstan.
Crude prices have been volatile this year due to U.S. President Donald Trump's tariffs, which could hinder global economic growth and energy demand. Market indicators suggest softening sentiment, with a decline in net bullish positions on crude.