Oil settles up on supply hits, traders cautious on Ukraine peace talks
Oil prices settled higher on Tuesday as supply disruptions mounted in Russia and the U.S., while talks to end the war in Ukraine capped gains as this could boost supply from Moscow, AmericanDiary24 reports via Reuters.
Brent crude futures rose 62 cents, or 0.8% to settle at $75.84 a barrel. U.S. West Texas Intermediate crude futures rose $1.11, or 1.6%, to settle at $71.85 a barrel, catching up with the gains Brent registered on Monday, when the U.S. contract traded without settlement due to a holiday.Brent rose 48 cents in the previous session after Ukrainian drones attacked a pumping station in Russia on the Caspian Pipeline Consortium pipeline, which moves crude from Kazakhstan to world markets.
Oil flows through the pipeline were reduced by 30-40% on Tuesday, Russian Deputy Prime Minister Alexander Novak said. A 30% cut would equate to a 380,000 barrels per day reduction in oil supply, per Reuters calculations.
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