Brent crude oil futures for May delivery climbed 47 cents to $85.81 a barrel by 0720 GMT, while the April contract for U.S. West Texas Intermediate crude was up 49 cents at $81.53
Oil prices ticked up in Asian trade on Monday, extending gains from last week of nearly 4 per cent on the view that supply was tightening, with the risks heightened by further attacks on Russian energy infrastructure.
“The strikes on Russian refineries added $2-$3 per barrel of risk premium to crude last week, which remains in place as we start this week with more attacks over the weekend,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.On Saturday, one of the strikes sparked a brief fire at the Slavyansk refinery in Kasnodar, which processes 8.5 million metric tons of crude oil a year, or 170,000 barrels per day.
In the Middle East, Israeli Prime Minister Benjamin Netanyahu confirmed on Sunday he will proceed with plans to push into Gaza’s Rafah enclave where more than 1 million displaced people are sheltering, defying pressure from Israel’s allies. German Chancellor Olaf Scholz said the step would make regional peace “very difficult”.
The Fed will likely keep rates unchanged this month, while the possibility of an interest rate cut at the June meeting “is now a coin flip,” Sycamore said.
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