Oil prices rose on Monday as analysts focused on potential fuel supply disruptions from new U.S. sanctions and Ukrainian drone attacks on Russian refineries, although predictions of a crude supply surplus kept prices steady.
Brent crude rose 43 cents, or 0.7%, to $64.06 a barrel, while U.S. West Texas Intermediate crude rose 38 cents, or 0.6%, to $60.13 a barrel.
Oil futures led the rally, as U.S. gasoline futures closed more than 1% higher and diesel futures rose nearly 1%. A series of refinery problems in the U.S. and drone attacks on Russian refineries have helped lift fuel prices, analysts said.
"Refinery problems in the Great Lakes and the West Coast have kept prices high," wrote GasBuddy analyst Patrick De Haan in a blog post. He added that thousands of flight cancellations in the U.S. due to the federal government shutdown could also increase gasoline demand ahead of the Thanksgiving holiday.
Airlines canceled more than 2,800 flights in the US and delayed more than 10,200 on Sunday, the worst day for disruptions since the shutdown began.
RUSSIAN SUPPLY CONCERNS
In Russia, oil major Lukoil's (LKOH.MM) Volgograd refinery halted operations last Thursday after being attacked by Ukrainian drones, three sources familiar with the matter said on Thursday. On Monday, Russian forces destroyed four drones near the country's Black Sea port of Tuapse, according to a local task force.
Lukoil also declared force majeure at its giant West Qurna-2 oil field in Iraq, four sources familiar with the matter said on Monday, after Western sanctions against the Russian oil major hampered its operations.
Lukoil's operations are facing increasing disruption as a November 21 deadline for US companies to terminate business with the Russian company approaches and after a deal to sell the operation to Swiss trader Gunvor fell through. (alg)
Source: Reuters.com
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