Smoke billows after Ukraine’s SBU drone strikes a refinery, amid Russia’s assault on Ukraine, in Ryazan, Ryazan Area, Russia, on this display screen seize from a video obtained by Reuters, March 13, 2024.
Video Obtained By Reuters | Through Reuters
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Crude oil futures rose Monday as Ukraine drone strikes disrupt Russian oil refining capability.
The West Texas Intermediate contract for April gained 38 cents, or 0.47%, to $81.01 a barrel. The Brent contract for Might added 37 cents, or 0.42%, to $85.79 a barrel.
A Ukrainian drone strike triggered a hearth on the Kuibyshev oil refinery within the metropolis of Samara over the weekend. Trade sources instructed Reuters that one of many main refining items on the facility was knocked out after the assault.
Kyiv has launched marketing campaign of strikes in opposition to Russian power infrastructure because the begin of the 12 months with Ukrainian intelligence claiming a dozen services have been efficiently hit. Not less than 10% of Russia’s refining capability has been disrupted by the assaults, in keeping with British intelligence.
“Relying on the prolong of the injury, main repairs may take appreciable time and expense,” the British Ministry of Protection mentioned in an replace over the weekend.
