“Oil Prices Slip on Increased Russian Supply and Jet Fuel Caution”
Oil prices faced a dip on Tuesday, driven by various factors including the anticipation of heightened supply from Russia and cautious trading ahead of the Federal Reserve’s decision on U.S. interest rates. Crude oil prices The Brent crude oil futures contract for May delivery edged down by 15 cents to $86.74 a barrel, while U.S. West Texas Intermediate (WTI) prices saw a decline of 14 cents to $82.02. Additionally, the WTI April contract, set to expire tomorrow, also fell by 15 cents to $82.57. The previous session witnessed both benchmarks reaching four-month highs, propelled by lower crude exports from major producers like Saudi Arabia and Iraq, coupled with signs of robust demand and economic growth in China and the U.S. However, concerns over Russian supply persisted, attributed to increased exports following Ukrainian attacks on the country’s oil infrastructure. Analysts from JP Morgan noted potential reductions in Russian crude runs due to these attacks, which could lead to ...