Oil Prices Surge as Ukrainian Drone Attacks Target Russian Energy Infrastructure
By
Nikolai Petrovich Shirokov
1 min read
⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).
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.