Brent crude futures were up 20 cents, or 0.3%, at $71.24 a barrel by 0130 GMT, while U.S. West Texas Intermediate crude futures were up 9 cents, or 0.1%, at $67.11 a barrel.
In a significant reversal of Washington’s policy in the Ukraine-Russia conflict, President Joe Biden’s administration has authorized Ukraine to use US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it sees the move to loosen restrictions on the use of US weapons by Ukraine as a major escalation.
“By allowing Ukraine to strike Russian forces around Kursk with long-range missiles, Biden may see a geopolitical bid back in oil as tensions rise there, in response to North Korean troops entering the fray,” said IG Markets analyst Tony Sycamore. .
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Russia launched its largest airstrike on Ukraine in nearly three months on Sunday, causing heavy damage to Ukraine’s power system.
In Russia, at least three refineries have had to halt processing or cut runs due to export restrictions, rising crude prices and high borrowing costs, five industry sources said.
Brent and WTI fell more than 3% last week on weak data from China and the International Energy Agency forecast that even if cuts from OPEC+ continue, global oil supply will exceed demand by 1 million barrels per day in 2025.
China’s refinery throughput fell 4.6% in October from a year earlier and the country’s factory output growth slowed last month, government data showed on Friday.
The US Investors are also worried about the pace and extent of interest rate cuts by the Federal Reserve, which has created uncertainty in global financial markets.
In the US, the number of operating oil rigs fell by one to 478 last week, the lowest since the week of July 19, Baker Hughes data showed.
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