Brent crude oil prices rose on Tuesday, with an increasing rate of growth after the previous session. Against the backdrop of attacks on oil facilities in Russia, oil exports from Kazakhstan have decreased, which became one of the reasons for the price increase. However, further price growth is limited due to anticipated increases in supplies in the near future.
"There are many factors that make the oil market sluggish, and the most important of them is the outcome of negotiations regarding Ukraine," noted IG market strategist Yeap.
Futures on Brent oil dropped by 15 cents to $75.37 per barrel. The price decline in the past week served as a catalyst for some easing of the bearish sentiment after reports of an attack on Kazakh oil exports to Russia.
Negotiations on the global stage between Russia and Ukraine remain a key moment for the markets, as American and Russian officials are meeting in Saudi Arabia. Meanwhile, BMI analysts predict that Brent prices will drop to $76 per barrel by 2025 due to market saturation, tariffs, and trade tensions.
Exporters also reported that OPEC+ countries are not planning to delay the increased oil production scheduled to begin in April. However, in December, they postponed the increase due to weak demand and rising supplies from the group.