(Bloomberg) — Oil steadied after an advance as OPEC+ delegates said the group was considering delaying restoring output, and Ukrainian drones attacked a crude pumping station in Russia.
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West Texas Intermediate traded near $71 a barrel, while Brent crude closed above $75. The cartel and its allies are considering pushing back a series of monthly supply increases due to start in April, according to delegates from the producer group. Meanwhile, the Ukrainian drone attack forced the main export pipeline from Kazakhstan to slow.
Crude has had a rocky start to the year, having given up all of its gains as US President Donald Trump’s use of tariffs threatens to slow global growth and energy demand. Market gauges are flashing signs of weakness as well, net-bullish positions on crude are pulled back.
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