The market reacted to growing geopolitical risks after drones attacked Russian refineries.
Oil prices rose in Asia. This was driven by strong demand in the US, as well as supply concerns following Ukrainian attacks on Russian oil refineries. This was reported by Reuters on Thursday, March 14.
Brent futures rose 0.2% to $84.2 a barrel, WTI oil rose 0.2% to $79.9. Both contracts rose about 3% to a four-month high on March 13 on stronger US demand and heightened geopolitical risk.
“Strong exports from the United States led to a drop in gasoline inventories to a three-month low. The market also reacted to growing geopolitical risks after a Ukrainian drone attacked a Russian oil refinery ,” analysts said.
Supporting demand, the US bought about 3.25 million barrels of oil for the country’s Strategic Petroleum Reserve, with deliveries due in August.
Let’s recall that in one night SBU drones attacked three factories in Russia – in the cities of Ryazan, Kstovo and Kirishi. On March 12, drones disabled one of the most powerful oil refineries in Russia, LUKOIL-Nizhnegorodnefteorgsintez.
The latest attack by Ukrainian drones caused the closure of three oil refineries in the Russian Federation. Thus, Russia lost 12% of its oil refining capacity.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.