WTI crude futures extended gains to above $78 per barrel on Tuesday, following a 1.4% rise in the previous session due to supply concerns and a stronger US physical market. Uncertainties persist over a possible Gaza ceasefire, with Houthi rebels in Yemen continuing to disrupt Red Sea shipping, leading to higher freight costs and shipment delays. Also, investors are eagerly anticipating OPEC+’s decision in March on whether or not to extend output cuts into the next quarter. It is anticipated that producers will opt to maintain voluntary production quotas until at least the June Ministerial Meeting to offer further stability. Additionally, the Russian government has announced a six-month ban on gasoline exports starting from March 1 to meet growing domestic demand and to facilitate refinery maintenance.
