Oil firms as Russia continues reducing output to support prices

There was no significant change in oil prices in early trading today, as Russia continued its plans to reduce its production to price support, while prices were affected by the rise in crude stocks in the United States and the increasing risks caused by global inflation.

According to “Reuters”, US West Texas Intermediate crude futures were traded at $ 76.36 a barrel, an altitude of 4 cents or 0.05 percent, while Brent crude futures decreased by two years or 0.02 percent to $ 83.14 a barrel by 0114 GMT .

Russia plans to reduce its oil exports from its western ports by up to 25 percent in March, compared to February, to exceed the production cuts it announced in the past by five percent of its production during the current month.

Although oil stocks in the United States have reached the highest level since May 2021, prices rose early on Monday before reducing some gains.

Oil prices have decreased by one sixth since February 24, 2022 when Russian forces began to invade Ukraine.

On Saturday, the CEO of Polish refining company BN Orlene said Russia had stopped the oil supplies to Poland through the Drogba pipeline, a day after Poland handed its first Leopard’s first tanks to Ukraine.

Two weeks after the invasion, prices jumped to a record level of approximately $ 128 a barrel due to fears of supplies, but have since declined due to fears of a global economic slowdown.

“The data of the Chinese manufacturing directors for February will be essential to directing oil prices for this week,” said Tina Ting, an analyst in CMC Markets. The recovery of Chinese economic data will enhance and improve demand expectations.