financetom
Business
financetom
/
Business
/
Oil trades little changed as markets weigh Russian supply cuts against weaker dollar
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil trades little changed as markets weigh Russian supply cuts against weaker dollar
Mar 25, 2024 11:07 PM

SINGAPORE (Reuters) -Oil was little changed on Tuesday, after rising in the previous session, as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks, though a slightly weaker U.S. dollar offered some support.

Brent crude futures for May climbed by 7 cents to $86.82 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $82.01 a barrel at 0541 GMT.

Brent rose 1.5% in Monday's session while WTI gained 1.6% higher after Russia's government ordered companies to cut output in the second quarter to meet a 9 million barrels per day (bpd)target to comply with pledges to the OPEC+ consumer group.

Russia, a top three global oil producer and one of the largest exporters of oil products, is also contending with recent attacks on its oil refineries by Ukraine that Goldman Sachs analysts said has knocked about 900,000 bpd of capacity offline, possibly for weeks and even in some cases permanently.

"The impact of refining disruptions on crude prices is mixed, with a bearish effect from the decline in refinery demand and a bullish effect from the potential reduction in Russia oil exports," the analysts said in a note.

After a Ukrainian drone attack on Saturday, Russian oil producer Rosneft shut a 70,000 bpd crude unit at its Kuibyshev refinery in the city of Samara.

While the consequences of the attacks and Russian cuts seemed unclear, a slightly weaker U.S. dollar from the previous session somewhat supported prices.

A weaker dollar typically makes it cheaper for oil purchases in other currencies which could bolster overall demand.

"The USD may continue to face downside pressure as the Fed is expected to cut rates later this year, which potentially offers the bullish factor to oil prices," said independent market analyst Tina Teng.

Rising geopolitical premiums as the Israel-Gaza conflict ongoing were also supportive of prices, though an immediate impact on supplies in the Middle East region remains to be seen.

A positive geopolitical risk premium, as there is no clear ceasefire breakthrough between Israel and Hamas, remains a key supportive price factor for oil at this juncture, said senior market analyst Kelvin Wong at OANDA.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
CCH Holdings Ltd Announces Pricing of Initial Public Offering
CCH Holdings Ltd Announces Pricing of Initial Public Offering
Oct 3, 2025
BUKIT MERTAJAM, MALAYSIA, Oct. 03, 2025 (GLOBE NEWSWIRE) -- CCH Holdings Ltd ( CCHH ) (the “Company”), a Malaysia-based specialty hotpot restaurant chain, today announced the pricing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares at a public offering price of US$4.00 per ordinary share, for total gross proceeds of US$5,000,000, before deducting estimated underwriting discounts, non-accountable...
Youxin Regains Compliance With Nasdaq's Equity Rule
Youxin Regains Compliance With Nasdaq's Equity Rule
Oct 3, 2025
11:13 AM EDT, 10/03/2025 (MT Newswires) -- Youxin Technology ( YAAS ) said Friday it was informed by Nasdaq that the company has regained compliance with the $2.5 million minimum stockholders' equity requirement. The company said the matter is now closed. The shares were up over 8% in recent trading. Price: 2.78, Change: +0.22, Percent Change: +8.59 ...
Silver Dollar Resources Raises $5.9 Million in Private Placement of Units, Eric Sprott Invests $1 Million
Silver Dollar Resources Raises $5.9 Million in Private Placement of Units, Eric Sprott Invests $1 Million
Oct 3, 2025
11:12 AM EDT, 10/03/2025 (MT Newswires) -- Silver Dollar Resources ( SLVDF ) said Friday it has raised $5.9 million in its private placement of units priced at $0.35 each. Mining magnate Eric Sprott acquired 2.9 million units at $0.35 apiece, for $1 million, raising his equity stake from 19.8% on a partially-diluted basis, to 22.1%. Each unit consists of...
Clariant Rejects Damage Claims From BP and ExxonMobil Over Competition Law
Clariant Rejects Damage Claims From BP and ExxonMobil Over Competition Law
Oct 3, 2025
11:21 AM EDT, 10/03/2025 (MT Newswires) -- Swiss specialty chemicals company Clariant said Friday it rejects allegations from BP Europe (BP) and a unit of ExxonMobil ( XOM ) who are seeking damages for breaches in competition law in the ethylene purchasing market. The claims allege damages of 1.96 billion euros ($2.30 billion) against four companies including Clariant in lawsuits...
Copyright 2023-2026 - www.financetom.com All Rights Reserved