Brent crude oil prices rose on Tuesday, adding to the previous session's gains after a drone attack on a pipeline pumping station in Russia cut supplies from Kazakhstan, but the rise was limited by prospects for a rapid increase in supply, Reuters reports, UNN writes.
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Futures for Brent crude oil rose 15 cents, or 0.2%, to $75.37 per barrel at 04:54 GMT.
WTI futures were up 67 cents from Friday's close at $71.41 per barrel. There were no settlements for WTI on Monday due to the US Presidents' Day holiday.
The plan to ship Black Sea CPC Blend crude for February will remain unchanged, two sources familiar with the plan told Reuters.
"However, longer-term growth is likely to remain limited as the market may expect higher supplies from OPEC+ and Russia going forward, while improving demand prospects, especially from China, remain uncertain based on recent economic data," IG market strategist Yeap Jun Rong said.
BMI analysts said in a note that they believe the average price of Brent crude oil in 2025 will be $76 per barrel, which is 5% lower than the average in 2024 due to oversupply in the market, duties and trade tensions.
According to Russian state media, OPEC+ producers are not considering postponing a series of monthly oil supply increases scheduled for April.
In December, OPEC postponed its plan to increase production until April due to weak demand and rising supply outside the group.
Markets were also waiting to see if the Russian-Ukrainian peace talks would bear fruit as US and Russian officials meet for talks in Saudi Arabia.
"There seems to be a lot of reasons to be bearish on the crude oil market, and the most important factor right now is the outcome of the Ukraine negotiations. Russian oil may partially return to the legal market, although there are of course many options for the final outcome," said Sparta Commodities analyst Neil Crosby.