Oil prices rise after surprise drop in US crude stockpiles

05:13

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Global Economy & Markets

Oil prices rise after surprise drop in US crude stockpiles

Oil prices are extending gains on Thursday after a surprise drop in US inventory - a factor which indicates strengthening demand - but also serious disruptions due to Ukrainian attacks on Russia. Brent is now trading at more than $85 a barrel, WTI at $81 a barrel. They are both up 3% on a four-month high amid heightened geopolitical risk.That's as Ukrainian drone strikes on Russian refining facilities continued for a second day on Wednesday, causing a fire at Rosneft's biggest refinery in one of the most serious attacks against Russia's energy sector in recent months. Two sources familiar with the situation told Reuters that the refinery had been forced to shut down two primary oil refining units. Ukraine earlier caused serious damage to Russian multinational energy company, Lukoil's refinery in Nizhny Novgorod.