The UN has brokered a two-month ceasefire between a Saudi-led coalition and the Houthi group
Singapore — Oil prices inched higher on Monday as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce in Yemen sparked hopes that supply issues in the Middle East could abate.
The UN has brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict. Saudi oil facilities have come under attack by the Houthis during the conflict, adding to supply disruption from Russia. Oil and gas condensate production at the world's No 2 exporter fell to 11.01-million barrels per day in March, from an average output of 11.08-million bpd in February, industry sources said. The Russian oil industry has been hit by Western sanctions and buyer aversion after Russia's invasion of Ukraine. Estimates of the Russian oil supply loss range from 1-million to 3-million bpd.
The US energy department formally outlined a sale of oil from emergency reserves while members of the International Energy Agency also agreed to release more oil on Friday. The IEA said the volume will be made public this week.
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