Friday, May 24, 2024

Oil has seen no significant changes as Russia continues plans to cut production to support prices


SINGAPORE (Reuters) – It was little changed in early trade on Monday, with Russia’s plans to further cut output supporting prices, while rising U.S. crude inventories and risks from global inflation weighed on prices.

U.S. West Texas Intermediate crude futures were up 4 cents, or 0.05 percent, at 76.36 a barrel, while two-year crude futures were down 0.02 percent at $83.14 a barrel by 0114 GMT.

Russia plans to cut oil exports from its western ports by up to 25 percent in March compared to February, on top of previously announced output cuts of five percent in the current month.

Although oil inventories in the United States reached their highest level since May 2021, prices rose early on Monday before paring some gains.

Oil prices have fallen by a sixth since Russian forces began invading Ukraine on February 24, 2022.

The chief executive of Polish refiner PKN Arlin said on Saturday that Russia had halted oil supplies to Poland through the Drushpa pipeline, a day after Poland delivered its first Leopard tanks to Ukraine.

Two weeks after the invasion, prices rose to nearly $128 a barrel on concerns about supplies, but have since eased on fears of a global recession.

“Chinese manufacturing PMI data for February will be a key driver for oil prices this week. A rebound in Chinese economic data will boost sentiment and improve the demand outlook,” said Tina Ding, analyst at CMC Markets.

(Produced by Hasan Ammar for Arabian Bulletin)

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Nadia Barnett
Nadia Barnett
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