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Crude Edges Lower

OIL

Crude markets have reversed earlier gains to trade slightly lower on the day, as OPEC+ supply cuts are weighed against uncertainty over Red Sea shipping risks and disruptions to oil loadings in the Black Sea amid storms.

    • Brent FEB 24 down -0.2% at 80.9$/bbl
    • WTI FEB 24 down -0.5% at 75.22$/bbl
  • On Tuesday, Yemen’s Houthi rebels attacked the MSC United VIII container vessel that was headed for Pakistan. Despite ongoing attacks, major shipping firms such as Maersk and CMA CGM said they were resuming passage through the Red Sea following the deployment of a multinational task force to the region. Hapag-Lloyd is expected to decide whether to resume shipments through the Red Sea on Wednesday
  • Oil loadings from Russia's Black Sea port of Novorossiysk were suspended on Wednesday due to a storm, sources told Reuters. Kazakhstan’s Tengiz oil output has been reduced as a result.
Energy BulletsCommodities
Energy BulletsCommodities

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