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Barchart
Rich Asplund

Crude Ends Higher on Strong Chinese Demand and Drone Attacks on Russian Refineries

Oil OPEC United States Russia Drone Vortexa IEA Red Sea

April WTI crude oil (CLJ24) on Monday closed up +1.68 (+2.07%), and Apr RBOB gasoline (RBJ24) closed up +3.86 (+1.43%).

Crude oil and gasoline prices on Monday moved higher, with crude posting a 4-1/2 month high and gasoline posting a 5-month high.  Signs of strength in Chinese crude demand pushed prices higher Monday after China processed a record volume of oil in the first two months of this year.  Also, Ukrainian drone attacks on Russian refineries over the weekend damaged several Russian oil processing facilities, limiting Russian fuel export prospects.  Gunover Group estimates about 600,000 bpd of Russian oil-refining capacity has been knocked out by the Ukrainian drone strikes.

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