Oil Stabilizes Amid OPEC+ Delay, Ukrainian Drone Attack
Brent crude hovers above $75 per barrel after an OPEC+ postponement of planned supply increases. The group is considering delaying a series of monthly hikes starting April, delegates reveal.
Meanwhile, a Ukrainian drone strike has disrupted exports through Kazakhstan's Caspian Pipeline Consortium. This interruption has reversed some bearish sentiment.
Market analysts expect a focus on supply forecasts from OPEC+ and its allies, including Russia. Iraqi Oil Minister Hayyan Abdul Ghani indicates Iraqi Kurdistan's oil exports may resume within a week.
Despite initial gains, crude oil has faced challenges this year due to concerns over global growth and energy demand. Market indicators suggest weakness, leading to reduced bullish positions on crude.