Crude Oil Prices Rose On Concerns Over Tighter Global Supply.
Crude oil prices surged by 1.16% to settle at 6824 amid mounting concerns over global supply constraints stemming from escalating conflicts in the Middle East and between Russia and Ukraine. Additionally, a decrease in the US oil rig count contributed to upward price pressure, signalling potential future supply tightening. The shutdown of the Kuibyshev oil refinery’s primary refining unit in Russia following a drone attack further exacerbated supply worries, with half of its capacity knocked out.
