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Oil little changed as market weighs mixed drivers

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Oilprice News

Energy

Brent crude futures for January were up 22 cents to $73.53 a barrel at 1026 GMT, while U.S. West Texas Intermediate crude futures for December rose 31 cents to $69.70

Oil was broadly stable on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia offset data showing rising U.S. crude stocks.

The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week. On Tuesday, Ukraine used U.S. ATACMS missiles to strike Russian territory for the first time, Moscow said, while Russian President Vladimir Putin lowered the bar for a possible nuclear attack.

Norway’s Equinor on Wednesday said it restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage. Equinor last month said the field was producing at peak capacity of around 755,000 barrels of oil equivalent per day .

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