Oil Prices Extend Gains; Russian Attacks, U.S. Crude Stocks in Focus
Oil prices rose strongly Wednesday, lifted by a larger-than-expected draw in U.S. crude inventories as well as further attacks to Russia’s petrochemical infrastructure.
At 08:20 ET (12:20 GMT), Brent Oil Futures expiring in November rose 1.3% to $68.51 per barrel, while West Texas Intermediate (WTI) crude futures also gained 1.4% to $64.27 per barrel.
Both contracts climbed around $1 a barrel on Tuesday after a deal to restart flows of about 230,000 barrels per day from Kurdistan through Turkey was delayed after producers refused to resume shipments without guarantees on repayment of arrears.
The Salavat petrochemical complex, one of Russia’s largest, was attacked by Ukrainian drones, the local governor said on Wednesday, the second such attack in less than a week.
The drones also attacked the same complex, controlled by energy giant Gazprom, last week.
Ukraine has intensified drone attacks on Russia’s vast oil and gas infrastructure in the past weeks, targeting refineries and export-bound pipelines, as peace talks have stalled, looking to deprive Moscow of funds to wage is war against Ukraine.
Source : Investing.com
