The Brent crude futures contract for May delivery traded around $82 per barrel, slipping to that level for the first time since late February as market activity unfolded on the London ICE session, reflecting fresh trade data from European exchanges.
Trading desks in Moscow clocked a 0.8% retreat, with Brent priced near $82 per barrel at 21:35 local time. The move underscores ongoing fluctuations in the oil complex as investors digest supply dynamics and macro signals shaping near-term demand prospects.
Earlier reporting from Bloomberg indicated a renewed uptick in demand for Russian-origin crude, driven by buyers across Asia. Traders noted that grades such as Urals and ESPO, alongside Russian fuel shipments, have seen firmer activity in recent weeks. Robust interest from Chinese state-owned refiners and large private plants, coupled with sustained demand from India, helped buoy pricing for Russian exports despite broader market softness.
On the supply side, remarks from OPEC leadership have touched on the reallocation of crude flows. Haytham al-Ghais, the cartel’s secretary general, stated on March 8 that shifting supply toward Asian markets does not pose a concern for OPEC. He emphasized that the current market is large enough to accommodate diverse buyer needs, framing the movement of barrels as a routine adjustment rather than a disruption.
Analysts continue to monitor the balance between supply discipline within major producer groups and the evolving demand picture in Asia, Europe, and the Americas. The narrative remains that prices will respond to a mix of production signals, refinery demand, and geopolitical developments that influence export flows, with volatility likely to persist as traders price in potential policy shifts and seasonal demand changes. Market observers highlight that the global oil complex remains sensitive to macro indicators, including inflation trajectories, currency movements, and the pace of economic growth in key consuming regions. According to market briefs, each new data point can reframe expectations for the next contract cycles, particularly as refiners recalibrate import strategies in response to changing margins and maintenance schedules. Data from major exchanges continue to feed into a dynamic assessment of supply reliability and demand resilience across international markets.