Oil surged 2% on US production disruption; attacks on Russia’s fuel terminal

International benchmarks for crude oil ended the trading session on Monday, 22 January 2024 with 2% gains on concerns over the supply outlook as extreme cold weather continues to curb US production. Meanwhile, Ukraine launched a drone strike targeting Russia's Novatek (NVTK.MM) fuel terminal, amplifying geopolitical tensions. 

In the US, North Dakota, a key player in the oil industry, reported a staggering 20% decline in oil output due to adverse weather conditions, further exacerbating global energy supply anxieties.

Brent March crude futures settled at $80.06/barrel, up $1.50/barrel, or 1.9%/barrel.

WTI for February delivery closed at $75.19/barrel, up $1.78/barrel, or 2.4%/barrel.