The Brent futures flat price for the Jun contract took a small downturn to reach a low of $85.45/bbl at 14:35 GMT. However, the contract managed to regain some strength retracing to above the $86.00/bbl mark by 15:50 GMT, yet, prices have since oscillated just beneath the $86/bbl level.
OPEC+ is unlikely to make any oil output policy changes until a full ministerial gathering in June, with next week’s gathering of ministers not expected to make any policy recommendations.
Houthi militants in Yemen said on Tuesday they had mounted six attacks on ships with drones and missiles in the last 72 hours in the Gulf of Aden and the Red Sea, Maersk however, denied its vessel had been attacked.
Due to drone attacks, the combined capacity of primary Russian oil refinery units taken offline has equated to 14% of the total amount.
The Jun/Jul and Jun/Dec Brent futures spreads are at $0.75/bbl and $4.25/bbl, respectively.
