Oil rose due to probable shipment delays
Oil prices settled higher on Monday, 26 February 2024 driven by strong demand for diesel in the EU, where supply has been constrained by Russian sanctions
Oil prices settled higher on Monday, 26 February 2024 driven by strong demand for diesel in the EU, where supply has been constrained by Russian sanctions and reduced outputs from US refineries.
According to data from the Energy Information Administration (EIA), utilization rates among US refineries have been at 80.6% over the past two weeks amid maintenance season, pushing US diesel prices higher and limiting export windows.
Meanwhile, the Israel-Hamas conflict rages in the Middle East.
Brent futures increased by 91 cents or 1.11%, to settle at $82.53/barrel.
WTI futures rose by $1.09 or 1.43% to settle at $77.58/barrel.