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Commodity Mid Session News

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(19 Feb 2025, 14:16)

Crude oil tops $72 amid supply risks and geopolitical tensions

Crude oil futures climbed above $72 per barrel in electronic trading Wednesday, marking a third consecutive session of gains. A drone attack in southern Russia disrupted Kazakh crude flows to the Black Sea, threatening a 30 to 40% transit cut, while freezing weather in North Dakota could slash US output between 120,000 bpd and 150,000 bpd. Traders are closely watching OPEC+ plans on output cuts, with conflicting reports about adjustments in April. Additionally, President Trump signaled a review of Chevron’s Venezuela crude exports, adding to market uncertainty. Gains were tempered as US-Russia talks in Riyadh aimed at ending the Ukraine war slightly eased geopolitical risks, though Ukraine’s exclusion from discussions raised doubts over progress.
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