If Ukraine focuses on larger Russian oil infrastructure, it could lead to further price increases, market analysts predict.
Global oil prices rose on Monday following tensions between Ukraine and Russia over the weekend. Reuters reported this on November 18.
Brent crude rose 29 cents, or 0.4%, to $71.33 a barrel, while US West Texas Intermediate (WTI) crude futures settled at $67.20 a barrel, up 18 cents, or 0.3% more than previous figures.
As is well known, on Sunday Russia carried out its largest airstrike in Ukraine in almost three months, attacking its energy grid.
Two US officials said on Sunday that the airstrike marked a major change in Washington’s policy on the Ukraine-Russia conflict as President Joe Biden’s administration authorized Ukraine to use US-made weapons to strike Russia.
“So far the impact (of Ukraine’s strikes – ed.) on Russian oil exports is negligible, but if Ukraine focuses on more oil infrastructure, it could lead to further growth in the markets of oil,” said MST Marquee energy analyst Saul Cavonic.
At least three oil refineries in the Russian Federation have had to stop processing due to heavy losses amid export curbs, rising oil prices and high borrowing costs, according to five industry sources.
To recap, Brent and WTI fell more than 3% last week on weak data from China and the International Energy Agency’s forecast that global oil supply will exceed demand by more than 1 million barrels per day in 2025, even with production cuts will remain in effect. on the part of OPEC+.
The number of active US oil rigs fell by one last week to 478, the lowest since the week ending July 19, according to Baker Hughes.
Chinese refineries suddenly chose African oil instead of Iranian
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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.