Oil rates rise after reports of Ukraine using long-range weapons against Russia
Date
11/21/2024 6:40:10 AM
(MENAFN) Oil prices rose on Wednesday following reports of Ukraine using long-range weapons against Russia, although concerns about a potential US Federal Reserve rate pause and the strength of the US dollar limited the gains. brent crude, the international oil benchmark, increased by 0.12 percent to USD73.23 per barrel, while the US benchmark West Texas Intermediate rose by 0.14 percent to USD69.42 per barrel.
Tensions between Russia and Ukraine escalated after reports emerged that the Joe Biden administration had authorized Ukraine to use American-made long-range weapons on Russian territory, but only for a limited time. The Russian Ministry of Defense confirmed that Ukraine had targeted the Bryansk region with six ATACMS missiles, which were intercepted by Russia’s air defense systems, including the S-400 and Pantsir.
In addition to this, Russian President Vladimir Putin approved a new doctrine allowing for the use of nuclear weapons in response to ballistic missile attacks. The announcement of this policy added to the already high tensions between the two countries.
The Russian Ministry of Defense also reported a military gain, stating that Russian forces had captured the Novoselidovka settlement in the Donetsk region, further intensifying the ongoing conflict.
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