Oil Supply Concerns Hike Prices

Oil prices inched higher on Monday as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce in Yemen sparked hopes that supply issues in the Middle East could abate.
Brent crude futures were up 9 cents, or 0.09%, to $104.48 a barrel while US West Texas Intermediate crude was at $99.30 a barrel, up 3 cents, or 0.03%, Business-standard.com reported. 
Both contracts slipped $1 when markets opened on Monday. 
The United Nations has brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict. Saudi oil facilities have come under attack by the Houthis during the conflict, adding to supply disruption from Russia.
"Still, the fragile detente does little to alleviate the absence of Russian oil," said Stephen Innes, managing partner at SPI Asset Management in a note.
Oil and gas condensate production at the world's No. 2 exporter fell to 11.01 million barrels per day in March, from an average output of 11.08 million bpd in February, industry sources said. 
The Russian oil industry has been hit by Western sanctions and buyer aversion after Russia's invasion of Ukraine. 
Estimates of the Russian oil supply loss range from 1-3 million bpd.