Oil prices were steady as traders focused on India’s continued buying of Russian crude alongside renewed Ukrainian attacks on Russia’s energy infrastructure.
Brent crude traded just under $64 a barrel in early Asian hours after marking its first back-to-back weekly gain since August, while West Texas Intermediate hovered near $60. Attention remained on comments by Russian President Vladimir Putin, who last week vowed “uninterrupted shipments of fuel” to India ahead of trade discussions involving US officials.
Ukrainian strikes on Russian facilities, including the CPC terminal in the Black Sea, have tightened supplies by disrupting loadings and boosting physical crude prices. Other energy sites have also been targeted by Kyiv.
However, concerns over a looming global glut persist. Rising output from OPEC+ and producers outside the group, such as the US, Brazil and Guyana, is expected to outpace relatively weak demand growth. Market direction may become clearer when the US Energy Information Administration, the International Energy Agency and OPEC release their monthly outlooks this week.
In early trade, Brent for February settlement rose 0.2% to $63.88 a barrel, while WTI for January also gained 0.2% to $60.22.
Bloomberg
