LONDON: Oil benchmark Brent hovered just under $ 86 barrel mark on Monday extending last week’s gains, as Ukraine increased its attacks on Russian energy infrastructure. Brent crude oil futures for May delivery were up 62 cents, or 0.7 percent, at $ 85.96 a barrel.

April contract for US West Texas Intermediate (WTI) crude was up 70 cents, or 0.9 percent, at $ 81.74 in slow trade with contract set to expire in coming days. More active May delivery contract traded up 71 cents, or 0.9 percent at $ 81.29.

“Strikes on Russian refineries added $ 2-$3 per barrel of risk premium to crude last week, which remains in place as we start this week with more attacks over weekend,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Reuters’ analysis found attacks have idled around 7 percent of Russian refining capacity in first quarter. Refining complexes process and export crude varieties to several markets including China and India. Main focus this week is on potential changes to fate of monetary policy in major economies, with many central banks having held on to high interest rates over protracted period to quell sticky inflation.

Published in The Daily National Courier, March, 19 2024

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