Strikes on Russian refineries caused oil prices to rise in Asia - Reuters

Strikes on Russian refineries caused oil prices to rise in Asia - Reuters

Oil prices in Asia have risen amid supply concerns following Ukraine's attacks on Russian refineries. This is reported by Reuters.


Brent futures rose 0.2% to $84.2 per barrel, while WTI crude rose 0.2% to $79.9. Both contracts rose on March 13 by about 3% to a four-month high amid strong demand in the United States and increased geopolitical risk.


"Strong US product exports led to a drop in gasoline stocks to a three-month low. The market also reacted to rising geopolitical risks after a Ukrainian drone attacked a Russian refinery," ANZ analysts said.


Supporting demand, the United States purchased about 3.25 million barrels of oil for the country's Strategic Petroleum Reserve for delivery in August. 





Oil prices in Asia have risen amid supply concerns following Ukraine's attacks on Russian refineries. This is reported by Reuters.


Brent futures rose 0.2% to $84.2 per barrel, while WTI crude rose 0.2% to $79.9. Both contracts rose on March 13 by about 3% to a four-month high amid strong demand in the United States and increased geopolitical risk.


"Strong US product exports led to a drop in gasoline stocks to a three-month low. The market also reacted to rising geopolitical risks after a Ukrainian drone attacked a Russian refinery," ANZ analysts said.


Supporting demand, the United States purchased about 3.25 million barrels of oil for the country's Strategic Petroleum Reserve for delivery in August.