Oil rates soar due to Russia-Ukraine tensions remaining high
Date
11/24/2024 3:21:38 AM
(MENAFN) On Friday, oil rates surged driven by tensions between Russia and Ukraine staying high and fears of oil demand from the US and China.
The international oil benchmark of brent crude increases by 0.38 percent to reach USD74.28 per barrel as for 9.18 AM regional time (0618 GMT), rising from the earlier trading session's end of USD74.23.
The US benchmark West Texas Intermediate soared by 0.11 percent, reaching USD70.18 per barrel, in comparison to USD70.1 at the previous session's end.
On Wednesday, Ukraine's Air Force declared that Russian forces carried out an attack on the town of Dnipro, using many weapons, involving intercontinental ballistic missiles, based on a statement posted on Telegram.
“One of the largest and well-known industrial complexes from the Soviet Union, which today produces missile technology and other weapons, was hit in the city of Dnipro in Ukraine,” Putin stated in a live video speech.
The attack occurs one day following Ukraine’s initial use of US long-range ATACMS missiles on Russian land, after approval from US President Joe Biden.
Previously this week, a US news outlet declared that the UK would soon authorize the deployment of Storm Shadow missiles to attack Russian soil.
The Russian Foreign Minister, Sergey Lavrov, warned that these practices would extensively intensify the West's hostility with Russia and vowed a comeback.
MENAFN24112024000045015839ID1108919347
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.