Oil extends gains, Brent exceeds $84

14/03/2024 Argaam

Oil extends gains, Brent exceeds $84

Oil drilling rigs

Oil prices edged up today, March 14, extending gains from the previous session after a decline in US inventories for the first time in seven weeks, and with the escalation of geopolitical tensions.

 

Brent crude rose 0.14%, or 12 cents, to $84.15 a barrel, at 10:16 am Makkah time. West Texas Intermediate (WTI) crude gained 0.14%, or 11 cents, to $79.83 a barrel.

 

The prices were supported by concerns following Ukrainian drone attacks on Russian refining facilities on March 13, causing a fire in the largest refinery belonging to Rosneft and marking one of the most serious attacks on the Russian energy sector in recent months.

 

The International Energy Agency is scheduled to issue its monthly oil market report later today.

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