Overview

• Brent crude and West Texas Intermediate (WTI) are set for weekly gains of 1.4% and 3%, respectively, marking a rebound after weeks of declines.
• Russian oil supply disruptions, including reduced Caspian Pipeline Consortium flows due to a Ukrainian drone attack, have heightened market concerns.
• Kazakhstan has managed to pump record oil volumes despite damage to its primary export route through Russia, though the mechanism behind this increase remains unclear.
• U.S. gasoline and distillate inventories fell last week, driven by seasonal refinery maintenance, while crude oil stockpiles increased, according to the Energy Information Administration.
• Hopes for a resolution to the Russia-Ukraine conflict have diminished, with tensions between Ukraine and the U.S. complicating peace negotiations and sanctions relief discussions.