Oil reaches one-week high amid rising supply risks
Supply constraints emerged from multiple fronts. OPEC+ is reportedly considering another delay to its planned production increase scheduled for April, which would mark the fourth such postponement.
Crude oil prices closed at a one-week high on Wednesday, 19 February 2025, as mounting supply uncertainties supported market sentiment.
Brent crude rose by 20 cents to settle at $76.04/barrel.
WTI closed increased by 40 cents to close at $72.25/barrel.
Supply constraints emerged from multiple fronts. OPEC+ is reportedly considering another delay to its planned production increase scheduled for April, which would mark the fourth such postponement. Meanwhile, geopolitical disruptions have intensified, with a Ukrainian drone strike damaging a pumping station in Russia, potentially disrupting up to 30% of crude exports via a key Kazakh pipeline to the Black Sea. Additionally, extreme cold weather in North Dakota, the third-largest oil-producing state in the U.S., has curtailed output by an estimated 150,000 barrels per day.
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Written by: Muhammad Hafiz