The May Brent futures contract opened in the low $85/bbl handles this morning before witnessing support take prices to $85.75/bbl at 10:20 GMT (time of writing). The United States has urged Ukraine to stop its attacks on Russian oil infrastructure over concerns about rising global oil prices and possible retaliation from Russia. Indian refiners are reportedly declining to accept Russian crude transported on tankers owned by PJSC Sovcomflot, citing U.S. sanctions. In macroeconomic news, the US dollar strengthened on Mar 21 following a surprise interest rate cut by the Swiss National Bank which boosted global risk sentiment. Finally, the front-month and six-month Brent spreads are currently at $0.58/bbl and $3.90/bbl, respectively.
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