Oil market resumed trading with gains; WTI hit a five-month high
On the supply side, a series of drone attacks on Russian refineries recently knocked out about 1 million bpd of Russian oil processing capacity, which impacted the country’s exports of refined products.
International benchmarks for crude oil resumed trading following the long weekend Good Friday holiday with gains on the concern over the tightening supply outlook while the US and Chinese economies started showing signs of recovery.
WTI rose by 54 cents or 0.7% to settle at $83.71/barrel – the highest level since 27 October 2023.
Brent futures for June delivery increased by 42 cents or 0.5% to settle at $87.42/barrel.
On the supply side, a series of drone attacks on Russian refineries recently knocked out about 1 million bpd of Russian oil processing capacity, which impacted the country’s exports of refined products. Lower outputs from OPEC+ and the Middle East tension also posed concerns over the supply outlook.