Crude prices remains steady

18 Feb 2025 , 02:01 PM

Brent crude oil prices remained steady in early trading on Tuesday after gaining in the previous session following a drone attack on a Russian oil pipeline station that disrupted oil flows from Kazakhstan.

By 01:37 GMT, Brent crude futures dipped slightly by 7 cents (0.09%) to $75.15 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 47 cents to $71.21 per barrel. The WTI market did not close at its usual time on Monday due to the U.S. Presidents’ Day holiday.

The drone attack targeted the Kropotkinskaya station in Russia’s Krasnodar region, affecting oil shipments from Kazakhstan handled by Western companies, including Chevron and Exxon Mobil, according to the Caspian Pipeline Consortium. Despite this, the Black Sea CPC Blend oil loading schedule for February will remain unchanged, as confirmed by two sources familiar with the matter.

Market fundamentals kept price movements limited. Analysts from BMI expect Brent crude prices to average $76 per barrel in 2025, down 5% from the 2024 average, due to market oversupply, tariffs, and trade tensions.

Additionally, OPEC+ producers are not planning to delay their scheduled monthly oil supply increases starting in April, as reported by Russian state media. OPEC had previously postponed this supply hike from December to April due to weak demand and rising supply from non-OPEC countries.