Overview
- U.S. crude inventories increased by 3.34 million barrels last week, according to the American Petroleum Institute, with official Energy Information Administration data expected later today.
- Brent crude prices hovered around $76 per barrel, while U.S. West Texas Intermediate crude remained near $72 per barrel, reflecting market indecision.
- Russia reported a 30%-40% reduction in oil flows through the Caspian Pipeline Consortium after a Ukrainian drone attack, potentially affecting up to 380,000 barrels per day of supply.
- Cold weather in the U.S. has disrupted oil production in North Dakota, with output potentially down by as much as 150,000 barrels per day.
- Concerns over global economic growth, fueled by U.S. tariffs on imports and weak demand forecasts in Europe and China, continue to weigh on oil prices.