Oil hits 4-month high after Ukraine’s drone attack on Russia; Brent at $87/bbl


International crude oil prices again hit a four month-high mark on Tuesday, March 19, after breaking above range-bound trading last week, but gains were limited by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity.

The Brent crude oil futures contract was up 33 cents at $87.22 per barrel while US West Texas Intermediate (WTI) prices were up 31 cents at $82.47. The WTI April contract, which expires on Wednesday, was up 31 cents at $83.03, according to news agency Reuters. Both benchmarks hit highs not reached since early November, buoyed by lower crude exports from Saudi Arabia and Iraq as well as signs of stronger demand and economic growth in China and the US.

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Published: 19 Mar 2024, 10:23 PM IST


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