Oil holds steady – ING

Oil prices are trading almost flat this morning as the market has been caught between escalating geopolitical tensions and not particularly supportive fundamentals, ING's commodity experts Ewa Manthey and Warren Patterson note.

Oil loadings at Russia’s Primorsk Port have resumed

"The market participants are waiting for any further developments regarding the potential of further Western sanctions on Russian supplies against a looming supply surplus expectation. There are suggestions that the European Union is considering sanctions on companies in India and China that enable Russia’s oil trade as part of an upcoming package of fresh restrictions."

"Meanwhile, recent reports suggest that oil loadings at Russia’s Primorsk Port have resumed after Friday’s drone attacks on the facility by Ukraine."