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Oil Summary at European Close: Crude Rises

OIL

Crude prices are trading higher today with latest support from increased chances that the US will reinstate sanctions on Venezuela, little hope for a ceasefire in Israel in the short term and Russia ordering oil companies to reduce oil output in Q2. Earlier upside was driven by a lower USD spot index and Ukrainian attacks on Russian energy infrastructure.

    • Brent MAY 24 up 1.7% at 86.86$/bbl
    • WTI MAY 24 up 1.8% at 82.11$/bbl
  • Bloomberg reporting that Venezuela opposition figure, Corina Yoris, has been prevented from registering as an opposition candidate to challenge Venezuelan President Nicholas Maduro in the July 28 presidential elections.
  • Russian oil companies have been ordered to reduce output in Q2 to ensure they meet a production target of 9 mn bpd by the end of June in line with its pledges to OPEC+ according to three Reuters sources on Monday.
  • Israel’s PM Cancels Delegation's DC Visit After US Abstains On UN Gaza Resolution: The UN Security Council has adopted a resolution calling for an 'immediate' ceasefire in Gaza during the holy month of Ramadan, with 14 votes in favour and an abstention from the United States.
  • Ukrainian drones attacked two oil refineries in Russia’s Samara Region on Saturday morning according to Governor Dmitry Azarov.
  • Rosneft’s Kuibyshev oil refinery in Russia's Samara halted its CDU-5, one of two primary refining units, following a drone attack over the weekend according to Reuters sources.
  • Yemen’s Houthi’s have renewed threats against Saudi Arabia, warning it not to support US air strikes against the group.
  • Foreign companies operating in Iraqi Kurdistan are partly to blame for the delay in the resumption of crude exports from the region according to Iraq’s oil ministry Monday.
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