Oil prices stabilise on weaker US dollar while investors weigh tighter Russian supply; Brent at $86/bbl

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₹6,811 per barrel on the multi commodity exchange (MCX). Brent rose 1.5 per cent on Monday and WTI gained 1.6 per cent after Russia ordered companies to cut output in the second quarter to meet a nine million barrels per day target to comply with the supply cut decisions taken by the Organisation of Petroleum Exporting Countries (OPEC). -Russia, among the top three global oil producers and one of the largest exporters of oil products, is also contending with a series of recent attacks on its oil refineries by Ukraine and has mounted its own attacks on Ukrainian energy infrastructure.

Russian oil refining capacity shut down by Ukrainian attacks has reached 14 per cent of the country's total capacity, according to Reuters. -Analysts said that gasoline is seeing the support of reduced availability to the global market from the curtailed Russian exports that has filtered through to the US. Analysts also expect a structural decline in Russian refinery runs and do not see them regaining 2023 levels even in the second half of this year.

Also Read: Crude oil prices to trade with upside bias over geopolitical tensions; Brent may hit $90-$95/bbl in near-term -A slightly weaker US dollar offered some support to oil prices. A weaker dollar typically makes oil cheaper for oil buyers holding other currencies. OPEC is unlikely to make any oil output policy changes until a full ministerial gathering in June.