Price At The Pump: Oil Prices Moved Higher On Presidents’ Day

Oil prices were holding steady, to up slightly in early Tuesday trade, following Monday’s jump higher, thanks to a drone attack on a pipeline reducing flows from Kazakhstan.  Both West Texas and Brent crude were trading slightly higher in Tuesday’s trade, at around $71 and $75 per barrel respectively.  CNBC noted the drone strike on the Kropotkinskaya station in Russia’s southern Krasnodar region reduced shipments from Kazakhstan to world markets by Western firms including Chevron and Exxon Mobil on Monday.  Officials say it could take two months to clean up and get the pipeline pumping at full capacity again. 

Investors are also waiting for news from Russia-Ukraine peace talks between the United States and Russia in Saudi Arabia Tuesday.  OPEC+ producers are not considering delaying a series of monthly oil supply increases that is scheduled to begin in April, according to a Russian state media report.

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