Oil Extends Gain On Rising Risks To Russian Crude, Diesel Supply
West Texas Intermediate rose toward $64 a barrel after adding 1.2% on Tuesday, while Brent settled above $67.
Oil extended its biggest gain in a week, as US President Donald Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member.
West Texas Intermediate rose toward $64 a barrel after adding 1.2% on Tuesday, while Brent settled above $67. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and struck a more sympathetic tone on Ukraine’s chances of winning the war.
Meanwhile, Russia mulled restrictions on diesel exports for some companies following a spate of attacks by Ukrainian drones on its energy infrastructure, including oil pipeline facilities. The nation’s supply has been in focus amid global efforts to pressure Moscow into negotiating an end to the conflict.
In the US, an industry report showed crude inventories fell 3.8 million barrels last week, although holdings of distillates increased. Official data is due later Wednesday.
Prices:
WTI for November delivery added 0.6% to $63.75 a barrel at 7:25 a.m. in Singapore.
Brent for November settlement closed 1.6% higher at $67.63 a barrel on Tuesday.
