(Bloomberg) — Oil steadied after its biggest weekly advance in a month as Ukrainian attacks on Russian refineries heightened geopolitical risks.
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Global benchmark Brent traded above $85 a barrel after gaining 4% last week, while West Texas Intermediate was near $81. Drone strikes over the weekend hit multiple plants, some of them deep within the country’s territory. The attacks came as Vladimir Putin swept to a record victory in a presidential election.
Crude has broken out of its tight trading range that dominated the opening months of the year, with prices hitting the highest since November. The advance has been helped by OPEC+ cutbacks to production, and predictions for a global deficit this year. Headwinds, however, remain amid a shaky demand outlook in top importer China and persistent inflation in the US, which is muddying the path ahead for monetary policy.
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