Crude oil prices rose on Tuesday as traders assessed the effect of Ukraine’s attacks on Russian refineries.
The prices of Petroleum They rose for the second consecutive session and reached 5-month highs, at a time when operators were evaluating how the recent attacks of Ukraine to the refineries of Russia to global supply.
US crude oil futures West Texas Intermediate (WTI) for delivery in April reached their highest level since October, with a rise of $1.03, 1.3%, to $83.75 a barrel.
Meanwhile, the crude Brent It rose 68 cents, or 0.8%, to $87.57 a barrel, hitting its highest level since Nov. 3.
Ukraine’s attack on Russia could be key
Ukraine stepped up its attacks on Russian oil infrastructure this year, with at least seven refineries attacked with drones this month. The attacks have paralyzed 7%, or about 370,500 barrels a day, of Russian refining capacity, according to Reuters calculations.
Although lower refining activity caused an increase in exports Russian crude oil supplies could also lead to production cuts as the country faces storage constraints, he said. Alex Hodes, energy analyst StoneX.
Oil was favored by the decline in crude oil exports from Saudi Arabia and Iraq, as well as the signs of greater demand and economic growth in China and the United States.
“The demand data for Petroleum surprising for the positive side and the extension of the voluntary cuts of the OPEC+ until the end of June have supported prices,” said the UBS analyst Giovanni Staunovo.
And he added: “It is likely that the Brent price range of 80 to 90 dollars per barrel this year, with a forecast for the end of June of 86 dollars per barrel.
Source: Ambito
