MUSCAT : Brent crude futures inched up by 11 cents, or 0.2%, to settle at $62.05 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 13 cents, also 0.2%, to $58.38 per barrel.

Analysts warn that even as global inventories rise, risks from Russian output remain significant. A note from ING Bank highlighted that while Russian seaborne exports are holding at “healthy levels,” the country is struggling to secure buyers amid sanctions and geopolitical uncertainty. “These barrels are finding it difficult to find buyers,” ING said, adding that Russia’s oil production could soon decline if this trend continues.

Meanwhile, diplomatic efforts intensified as Ukrainian President Volodymyr Zelensky announced that Ukraine and its European partners will soon present the United States with “revised documents” for a peace plan aimed at ending the war. A breakthrough agreement could pave the way for easing international sanctions on Russian companies, potentially releasing more restricted oil supplies into the global market.

On the production front, the U.S. Energy Information Administration (EIA) raised its 2025 oil output forecast, now expecting production to hit a record 13.61 million barrels per day, an increase of 20,000 barrels per day from earlier estimates. However, the agency trimmed its 2026 outlook by 50,000 barrels per day, projecting an average of 13.53 million barrels per day.

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