Oil prices hikes 2% due to supply drop as Ukraine targets Russian refineries

On March 13, international crude oil prices increased by 2% as a result of attacks on Russian facilities by the Ukrainians, which raised concerns about supply interruptions. Additionally, a decrease in US crude inventories helped to maintain the price.

According to data from the Energy Information Administration (EIA), US oil stockpiles decreased by 1.5 million barrels to 446.99 million barrels during the week ending March 8.

Regarding benchmarks, news agency Reuters reports that US West Texas Intermediate crude for April increased by $1.59, or 2.05%, to $79.15, while Brent crude futures for May up by $1.5, or 1.88 percent, to $83.46 per barrel.

Despite the surge on Wednesday, Brent prices are still range-bound.