Reported 1 day ago
Oil prices increased as technical buying supported a rally fueled by ongoing market tightness, with West Texas Intermediate approaching $65 a barrel. The conflict in Ukraine, particularly attacks on Russian oil refineries, has disrupted supply chains, leading to unexpected tightness despite OPEC's anticipated production increases. Meanwhile, U.S. efforts to pressure Russia and low stockpiles at the Cushing storage hub also influenced market dynamics, suggesting that oil sentiment is shifting towards neutrality amid geopolitical uncertainties.
Source: YAHOO