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Oil Edges Lower as Russian Flows Halted Via Key Pipe to Europe

  • Supplies through the southern leg of Druzhba were suspended
  • Brent and WTI futures swung between gains and losses of 1.8%
Updated on

Oil futures ended slightly lower Tuesday, reversing earlier gains, on indications that Russian crude shipments via the southern leg of a major pipeline to Europe may resume in a few days after being suspended.

Benchmarks Brent and West Texas Intermediate crude slipped after swinging about 2% in each direction earlier in the session. Russia’s Transneft said Ukraine halted flows through its Druzhba pipeline toward Hungary, the Czech Republic and Slovakia on Aug. 4 as sanctions blocked payment of Moscow’s transit fee. That section of the network usually carries about 250,000 barrels a day, Transneft data show.