Print

International benchmarks for crude oil ended the week to 21 July 2023 with increases of nearly 2%, marking the fourth consecutive weekly gain motivated by further confirmation of supply cuts in the coming months and escalating friction between Russia and Ukraine that could further hinder supplies. 

Russia hit Ukrainian food export facilities for the fourth consecutive day on Friday and was seizing ships in the Black Sea after Moscow pulled out from an U.N.-negotiated safe sea corridor agreement. The seizure of ships could add oil supply risks and other export goods in the region. 

The shutdown of Ukraine’s grain corridor could affect ethanol and biofuel supplies which may prompt refiners to utilize more crude oil further possibly raising demand for the commodity. 

Brent crude ended the session $1.43 or 1.8% higher at $81.07/barrel.

US West Texas Intermediate went up by $1.42 or 1.9% at $77.07/barrel.