Oil Summary at European Close: Crude Climbs

Crude has shown robust gains during the day, despite pressure from a rising USD. Upside comes from an improved global demand forecast and an escalation in attacks on Russian refineries.

• Brent MAY 24 up 1.3% at 86.44$/bbl
• WTI APR 24 up 1.6% at 82.3$/bbl
• Iran has set its official selling price for Iranian Light crude for Asian buyers at +$1.95/bbl above the Oman/Dubai average for April, +20 cents m/m according to a Reuters source.
• Tightening supply-demand balances are forecast to drive the Brent crude price to $90/bbl by 3Q, an increase from the previous forecast of $10/bbl, according to Morgan Stanley.
• US sanctions against Sovcomflot, its fleet and subsidiaries are putting pressure on the Russian company’s operations, the shipping giant said in its financial report Monday.
• Iraq's oil ministry said on Monday it will reduce crude oil exports to 3.3mbpd in the coming months to compensate for crude oil production above its OPEC+ quota of 4mbpd.
• Saudi Arabian crude oil exports fell by 11kbpd month on month to 6.297mbpd.
• China is set for record imports of Russian crude this month according to Kpler figures, boosted by an increase in Sokol flows.
• Global oil demand is “very healthy” according to ExxonMobil’s CEO Darren Woods in an interview with CNBC.
• Saudi Aramco CEO Amin Nasser said that he saw oil demand above 104m b/d in 2025 and described the phase-out of fossil fuels a fantasy, Platts reported from CERA week in Houston.
• US oil production is set to rise in April to 9.769m b/d across the major shale plays, according to the EIA Drilling Productivity Report.