Oil Prices Surge as Ukrainian Drone Attacks Target Russian Energy Infrastructure

Oil futures soared to a 5-month high following Ukrainian drone attacks on Russian energy infrastructure, causing crude prices to peak since October. Russia's refinery capacity is taking a hit, with around 7% offline due to attacks. Meanwhile, positive economic data from China and the US contribute to an optimistic market. Market experts expect a strong oil market in 2024, with OPEC maintaining a positive global oil demand growth forecast. With declining US oil inventories and production, the future looks promising for oil prices.