Oil Summary at European Close: Crude Choppy

Crude futures have been choppy during European hours, oscillating between gains and losses. Market focus has switched to upside risks with a possible OPEC+ cut extension widely expected in early March and continued Red Sea shipping disruption. Additional pessimism surrounding a Gaza ceasefire also provides some support.

• Brent APR 24 up 0% at 83.71$/bbl
• WTI APR 24 up 0.3% at 78.74$/bbl
• Speaking briefly to reporters, US President Joe Biden when asked on the prospect of an Israel-Hamas ceasefire agreement says that 'hope springs eternal,' but that it is unlikely to start by Monday 4 March (previously raised by Biden as a target date).
• Wires carrying comments from Abdul-Malik al-Houthi, leader of the Houthi forces in Yemen, claiming that the group will introduce military "surprises" in their Red Sea operations, which their "enemies" will not expect.
• Saudi Aramco could maintain the Arab Light official selling price to Asia unchanged in April according to the median estimate of a Bloomberg survey of four refiners and traders.
• Russia's oil output in 2024 is expected to reach 520-530 mln tons compared to over 530 mln tons last year according to Deputy PM Alexander Novak Tuesday.
• Russia and Iran continue discussions to negotiate a swap of oil and gas supplies, Russian Deputy Prime Minister Alexander Novak said.
• Shipping data shows six tankers carrying Russian oil in ships sanctioned by the US were sailing to Chinese ports this week according to Reuters. It is however unclear if they would be allowed to discharge the cargoes.
• The US DOE purchased 3.2mn barrels of crude oil for the SPR for July delivery, it said in a statement.
• MNI COMMODITY ANALYSIS: Growing Consensus on OPEC+ Cut Extension into Q2 - Full piece here: https://enews.marketnews.com/ct/x/pjJscQeNlL4I6a9vIh51GA~k1zZ8KXr-kA8x6nAX5X2ptIPjO1OcQ