Oil prices firmed on Feb. 23 after Brent crude posted its biggest one-day loss for seven weeks in the previous session, with gains on Russian supply curbs capped by an expected rise in U.S. inventories.
Brent crude futures rose 63 cents, or 0.8%, to $81.23/bbl by 1350 GMT, compared with about $98/bbl on the eve of Russia's invasion of Ukraine a year ago.
WTI crude futures advanced 75 cents, or 1%, to $74.70 after six sessions of losses.
Lending some support to prices, Russia plans to cut oil exports from its western ports by up to 25% in March, exceeding its announced production cuts of 500,000 bbl/d.
Both oil benchmarks lost more than $2 in the previous session on expectations of further increases to interest rates.
Minutes from the latest U.S. Federal Reserve meeting on Feb. 22 showed that a majority of Fed officials agreed that the risks of high inflation warranted further rate hikes.
The policymakers also suggested that a shift to smaller increases would let them calibrate more closely with incoming data.
The dollar, meanwhile, has strengthened against a basket of other currencies in recent weeks, making oil more expensive for holders of other currencies.
Oil price gains were also kept in check by signs of further crude inventory builds.
U.S. crude oil and fuel inventories rose by 9.9 MMbbl last week, according to market sources citing API figures.
U.S. oil inventories have climbed every week since mid-December, stoking worries about demand.
A Reuters poll had forecast a 2.1 MMbbl increase in crude stockpiles last week. Official data from the U.S. Energy Information Administration is due later on Feb. 23.
While a stronger dollar remains a near-term headwind for crude, we expect lower Russian production and China's reopening to tighten the oil market and support prices, UBS analysts said.
Pioneer’s Scott Sheffield to Retire
2023-04-26 - Pioneer Natural Resources named Richard P. Dealy as successor to CEO Scott Sheffield, who will retire at the end of 2023.
Callon Petroleum Names Former EP Energy Chief as COO
2023-05-19 - Russell Parker joins Callon as it moves toward becoming a pure-play Permian Basin E&P following deals to acquire Delaware Basin assets and exit the Eagle Ford.
ArcLight Appoints Former Entergy CEO Denault as Senior Adviser
2023-05-10 - ArcLight Capital Partners appointed former Entergy CEO Leo Denault as a senior adviser and member of the private equity firm’s power infrastructure board.
Range Resources CEO Jeff Ventura to Retire from Marcellus Shale Pioneer
2023-03-17 - Ventura exits Range Resources weeks after reports that the Marcellus E&P might be purchased by Pioneer Natural Resources, which the Permian company denied.
Energy Transition in Motion (Week of April 14, 2023): Advancing Projects, Investment
2023-04-14 - Here’s a look at some of this week’s renewable energy news, including a U.S. outlook showing a shift from fossil fuels as renewable electricity capacity grows between 380% and 600% in through 2050.