Brent finished over $67 on Tuesday, while West Texas Intermediate added 1.2% to reach $64 a barrel.
As US President Donald Trump increased his rhetoric against Russia and markets awaited supply interruptions from the OPEC+ member, oil continued to rise at its largest rate in a week.
Brent finished over $67 on Tuesday, while West Texas Intermediate added 1.2% to reach $64 a barrel. Trump expressed greater sympathy for Ukraine’s prospects of winning the conflict when he stated NATO countries should shoot down Russian planes that were intruding on their airspace.
Following a wave of Ukrainian drone strikes on key energy infrastructure, including oil pipeline installations, Russia considered imposing limitations on diesel exports for certain corporations. The country’s supply has come under scrutiny as international pressure mounts to persuade Moscow to engage in peace talks.
According to a US industry estimate, distillate stockpiles rose last week, while crude inventories decreased by 3.8 million barrels. Later Wednesday is when official data is due.
Costs:
At 7:25 a.m. Singapore, WTI for November delivery increased 0.6% to $63.75 a barrel.
Tuesday saw a 1.6% increase in Brent for November settlement, closing at $67.63 a barrel.