Oil prices surged nearly 2% on Wednesday, buoyed by a drop in U.S. crude oil stockpiles and another round of Ukrainian attacks on Russian oil refineries.
Oil prices surged nearly 2% on Wednesday, buoyed by a drop in U.S. crude oil stockpiles and another round of Ukrainian attacks on Russian oil refineries, countering weakening prices earlier this week as demand worries sent traders to the exit. At 11.44 a.m. ET on Wednesday, Brent crude was trading at $83.40, up 1.81%, while West Texas Intermediate WTI was trading at $79.05, up 1.92% on the day.
The attack follows another attack that erupted in fire at a Lukoil refinery on Tuesday as Ukraine launches coordinated drone attacks targeting Russian oil facilities. Related How To Profit From Europe’s $800 Billion Energy Crisis The attacks are timed ahead of Russian presidential elections this weekend in which Vladimir Putin is running unopposed and set to win another six-year term in office. On Tuesday, the American Petroleum Institute, API, reported a 5.5-million-barrel draw on U.S.
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