Oil prices rise on the back of Ukraine’s attacks
Istanbul, December 4 (Hibya) – Oil prices are rising as Ukraine’s attacks on Russia’s oil assets and the suspension of peace talks, which has lowered expectations for a resumption of Russian oil flows, weigh on the market.
Brent crude oil futures rose to 63 dollars per barrel on Thursday, extending gains from the previous session. US West Texas Intermediate (WTI) crude futures also climbed above 59 dollars per barrel on Thursday.
Ukraine struck the Druzhba oil pipeline in Russia’s Tambov region. This was the fifth attack on the route that supplies oil to Hungary and Slovakia, but the operator and Hungary’s oil company said that flows were continuing normally.
Meanwhile, US representatives ended talks with the Kremlin without making any progress, and President Trump said it was unclear what would happen next.
In addition to the higher risk premium, the United States also stepped up its threats against Venezuela’s oil sector. Even so, weak demand and a potential supply surplus limited the gains, as data from the EIA showed that US crude inventories increased by 574,000 barrels last week and gasoline and distillate stocks also rose.
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