Oil prices recorded a limited rise during Asian trading on Thursday, after new strikes targeting Russian oil infrastructure reignited concerns about supplies, at a time when diplomatic efforts aimed at ending the war in Ukraine are faltering.
Brent crude contracts for February rose by 0.4% to $62.89 per barrel, while US crude contracts (WTI) rose by 0.5% to $59.23 per barrel. According to what was reported by the American (Investing) website.
Media sources reported that Ukrainian forces targeted the Druzhba pipeline in the Tambov region in central Russia, which revived concerns about the possibility of Russian oil exports being exposed to disturbances.
At the same time, high-level talks between US and Russian officials ended without achieving any breakthrough last Tuesday, which dashed hopes for the possibility of easing sanctions on Russian oil, and left the markets in a state of anticipation of extended geopolitical risks.
But the positive sentiment was countered by US inventory data released by the Energy Information Administration (EIA), which came in higher than expected.
The data showed that US crude inventories rose by 574 thousand barrels during the week ending November 28, compared to expectations of a decrease of 1.9 million barrels.
Gasoline stocks also jumped by about 4.52 million barrels, and distillate stocks by about 2.1 million barrels.
The simultaneous increase in crude and refined product inventories indicates continued weakness in demand in the world’s largest oil consumer, limiting the impact of price support resulting from geopolitical risks.
