West Texas Catalyst lost early gains and is currently trading close to $90. The Ukrainian portion of the Druzhba pipeline's southern leg should now be able to resume carrying Russian oil, according to the Hungarian refiner Mol Nyrt. It stated that it anticipates a resume in the coming days. 

Energy Supply to Europe Is Further Impacted by Russia's Oil Pipeline 

The Druzhba pipeline disruption, albeit probably temporary, is reducing oil flow at a time when Europe is dealing with a more significant energy crisis. Shipments of energy items are expected to stop later this week as the Rhine River is expected to become almost impassable at a crucial crossing site in Germany.

According to persons familiar with the statistics, projections from the sector American Petroleum Institute indicated a 2.16 million barrel increase in US oil stockpiles last week, along with a gain at the important storing hub at Cushing, Oklahoma. Later on Wednesday, official numbers will be released.

Due to the API recording a crude increase, "salespeople still predominate this morning," according to Stephen Brennock, a specialist at brokerage PVM Oil Associates Ltd. However, he went on to say that "a sharp reminder was offered yesterday that the crisis, which is in its sixth month has not lessened, and it makes the world oil balance vulnerable." He was referencing to the conflict in Ukraine and the shutdown of the Druzhba pipeline. 

Last week, crude fell to its lowest level in six months as a result of declining demand, particularly for US gasoline, and concerns among investors about the impending global slowdown. Nevertheless, as the Russian invasion of Ukraine drags on and sanctions against Moscow mount, there are still several bullish risks for crude. OPEC+, a production organization, has also warned that its spare capacity has decreased. 

Additionally, traders should expect a deluge of data in the upcoming days. The most recent indication of how rates of interest will move forward will be the