Oil Prices Steady Amid Production Delay Considerations and Ukrainian Strike on Russian Crude
Brent crude held above $75 per barrel, extending Monday's gains, while West Texas Intermediate hovered near $71.
OPEC+ delegates indicated the group was deliberating on deferring planned output increases scheduled for April. The move would mark the fourth production pause since 2022.
However, Russian Deputy Prime Minister Alexander Novak denied deferral discussions, according to Tass.
Ukrainian drone attacks on a Russian crude-pumping station disrupted exports from Kazakhstan through a major pipeline.
Yeap Jun Rong, market strategist at IG Asia Pte, attributed the current market sentiment to the supply concerns created by the strike.
Iraq's Oil Minister Hayyan Abdul Ghani announced potential resumption of exports from the Kurdistan region within a week.
Crude has faced volatility this year due to global growth concerns fueled by tariffs and signs of market weakness.