Brent crude oil prices remained steady in early Tuesday trading after gaining in the previous session due to a drone attack on a Russian oil pipeline station. Brent crude futures dipped slightly by 7 cents (0.09%) to $75.15 per barrel as of 0137 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose 47 cents to $71.21 per barrel, with Monday’s settlement delayed due to the U.S. Presidents’ Day holiday.
The attack targeted the Kropotkinskaya station in Russia’s Krasnodar region, temporarily reducing oil shipments from Kazakhstan, affecting Western firms such as Chevron and Exxon Mobil. However, the Caspian Pipeline Consortium confirmed that the February Black Sea CPC Blend oil loading plan remains unchanged.
Despite the attack, weak market fundamentals kept price reactions muted. Analysts at BMI project Brent prices to average $76 per barrel in 2025, 5% lower than the 2024 average, citing oversupply, tariffs, and trade tensions.
OPEC+ has no plans to delay its scheduled monthly oil supply increases set to begin in April, according to a Russian state media report. The group had initially postponed output hikes from January to April due to weak demand and rising supply from non-OPEC producers.
