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Oil added up to previous week's gains on spiked concerns over supply

By Rana Gharib
18 Mar,2024
Oil added up to previous week's gains on spiked concerns over supply

Oil edged up on Monday, continuing gains from the earlier week of average 4% on tight supply, as risks spiked on Russian energy infrastructure attacks.

Brent crude advanced by 0.5% to $85.81per barrel, while US WTI edged up by 0.6% at $81.53 per barrel.

According to Reuters, the attacks caused Russia's refining capacity to idle by about 7% during the first quarter. The crude variations are processed and exported by the refining complexes to many markets, including as China and India.

In the Middle East, Israeli Prime Minister Benjamin Netanyahu declared on Sunday that, in spite of pressure from Israel's friends, he will move forward with plans to invade Gaza's Rafah pocket, where over a million displaced people are seeking refuge.

In the Middle East, Israeli Prime Minister Benjamin Netanyahu stated on Sunday that he will continue with his plans to enter Gaza's Rafah enclave, where over 1 million displaced individuals are seeking shelter, despite facing pressure from Israel's allies.aaa

The results of the U.S. Federal Reserve's two-day meeting, which concludes on Wednesday, are closely watched by investors this week.
 

 

 

 

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