“Oil prices extended gains on Friday, heading for a weekly gain of more than 4%, as the war in Ukraine intensified and Vladimir Putin warned of a global conflict.”, — write: www.epravda.com.ua
Oil prices extended gains on Friday, heading for a weekly gain of more than 4%, as the war in Ukraine intensified and Vladimir Putin warned of a global conflict.
About this informs Reuters.
Brent crude futures rose 10 cents, or 0.1%, to $74.33 a barrel. U.S. West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 a barrel.
Both contracts jumped 2% on Thursday and are on pace to peak as much as 4% this week, their strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and UK allowed Kiev to strike Russia with its weapons
On Thursday, Putin said he had fired a ballistic missile at Ukraine and warned of a global conflict that raises the risk of oil disruptions from one of the world’s biggest producers.
This month, Russia said it was producing about 9 million barrels of oil a day, even as output fell following an import ban linked to its invasion of Ukraine and supply cuts by the OPEC+ group of producers.
Ukraine has used drones to strike Russian oil infrastructure, including in June when it used long-range attack drones to strike four Russian oil refineries.
We will remind:
Since November 13, due to a breakdown in production processes stopped Refinery “Nizhegorodnefteorgsintez” (NORSY) is the fourth in the country in terms of the volume of oil processing and the second in terms of the production of automobile gasoline.
The volume of primary oil processing capacities idle at Russian refineries in November increased by 0.62 million tons (+34.4%) compared to the previous plan, to 2.42 million tons.