Damage at the CPC terminal in Kazakhstan may take up to 1 million bpd of crude oil off the market. Trafigura’s co-head of oil trading Ben Luckock said that an increasingly tight balance of supply and demand will mean oil prices are going to keep going up. Crude prices rose towards $120 on Wednesday morning as funds reversed course, and started buying contracts again. Oil pushed higher ahead of high-level meetings that may result in fresh sanctions on Russia, and as a vital Black Sea terminal may be disrupted for weeks following storm damage. Overnight, Reuters reported that Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea may (read: will , now that all commodities are weaponized) fall by up to 1 million barrels per day (bpd), or 1% of global oil production, due to storm-damaged berths, a Russian official said on Tuesday. […]