Oil Summary at European Close: Crude Slides

Crude markets are trading lower today, with a sharp decline as European close approaches. Driving the downtrend are concerns over the sluggish pace of global demand growth, outweighing risks of supply disruptions in the Red Sea.

• Brent APR 24 down -1.7% at 82.12$/bbl
• WTI APR 24 down -1.9% at 76.97$/bbl
• Russia met its target for crude-export cuts in January, complying with its voluntary cut pledge, according to data from the country’s Energy Ministry, cited by Bloomberg.
• Russian seaborne crude shipments in the four weeks to 18 February edged up to 3.27mbpd, compared with 3.25mbpd in the previous period according to Bloomberg.
• Russia’s crude oil and condensate output is seen at 523m tons this year according to Interfax.
• Middle East crude benchmarks Oman and Dubai edged higher on Tuesday and Murban's premium reached the highest level this month at $1.36/bbl.
• Saudi Arabia is boosting crude oil exports via the Muaajjiz terminal in order to bypass the Bab El-Mandam strait amid ongoing Houthi rebel attacks, Kpler data showed.
• The number of tankers that have diverted around the Cape of Good Hope is continuing to rise with 194 tanker diversions since the US and UK started air strikes targeting the Houthi rebels, Oil Brokerage said in a report.
• Over 20% of oil tanker trade is now diverting on the longer journey around the Cape of Good Hope according to Wood Mackenzie.
• Norway’s total liquids production in January fell to 2.071mbpd, down from 2.122mbpd in December but 0.8% above the forecast, NPD data showed.