Oil declined as investors weighed Russia’s supply situations

International benchmarks for crude oil settled lower on Tuesday, 26 March 2024 as investors took a step back to assess the actual impact of the rent attacks on Russian refineries on the market. 

According to media reports, Russian oil refining capacity has fallen 14% due to a spate of attacks from Ukraine, which impacted the refined products supply. The Russian government, however, has ordered companies to cut oil production to about 9 million barrels per day in compliance with the OPEC+ agreement.

The drop, however, was cushioned by the slightly weaker US dollar. 

Brent futures decreased by 50 cents to settle at $86.25/barrel.

WTI fell by 33 cents or 0.4% to settle at $81.62/barrel.