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Oil prices surge with geopolitical tension among Russia, Ukraine
(MENAFN) Oil prices rose during increasing geopolitical tension among Russia and Ukraine, whereas concerns regarding demand in China and international oil demand expectations limit more price surges.
The global oil benchmark of brent crude increased 0.18 percent to USD70.98 per barrel at 9.41 a.m. local time (06.41 GMT), a drop from the prior session's end of USD70.85.
The US benchmark West Texas Intermediate further rose by 0.3 percent to USD66.98 per barrel, compared to USD66.78 at the previous session's end.
The war among Russia and Ukraine lent upward support to oil prices.
Russia carried out huge airstrikes over several Ukrainian areas, including the capital Kyiv, overnight and into Sunday morning, resulting in major harm to energy infrastructure.
Russia used "various types of drones, including Shaheds, as well as cruise, ballistic, and aeroballistic missiles—Zircons, Iskanders, and Kinzhals,” Ukrainian Leader Volodymyr Zelenskyy posted on X.
Russia threw about 120 missiles and 90 drones overnight, Zelenskyy stated, further noting that Ukraine's air defenses damaged above 140 of them, all aimed at the nation’s energy infrastructure.
The global oil benchmark of brent crude increased 0.18 percent to USD70.98 per barrel at 9.41 a.m. local time (06.41 GMT), a drop from the prior session's end of USD70.85.
The US benchmark West Texas Intermediate further rose by 0.3 percent to USD66.98 per barrel, compared to USD66.78 at the previous session's end.
The war among Russia and Ukraine lent upward support to oil prices.
Russia carried out huge airstrikes over several Ukrainian areas, including the capital Kyiv, overnight and into Sunday morning, resulting in major harm to energy infrastructure.
Russia used "various types of drones, including Shaheds, as well as cruise, ballistic, and aeroballistic missiles—Zircons, Iskanders, and Kinzhals,” Ukrainian Leader Volodymyr Zelenskyy posted on X.
Russia threw about 120 missiles and 90 drones overnight, Zelenskyy stated, further noting that Ukraine's air defenses damaged above 140 of them, all aimed at the nation’s energy infrastructure.
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