Oil Rises Modestly as Fuel Futures Lead on Refinery Woes and Russia Risks

Analysts cited refinery outages alongside Ukrainian strikes on Russian plants as the main source of near-term tightness.

Overview

Brent settled up 0.7% at $64.06 a barrel and WTI closed 0.6% higher at $60.13, logging a mild gain for crude benchmarks.
U.S. gasoline futures rose by more than 1% and diesel gained about 1%, reflecting tighter refined-product supply than crude.
Market watchers pointed to U.S. refinery problems in the Great Lakes and on the West Coast, which GasBuddy’s Patrick De Haan said are keeping prices elevated.
De Haan warned that widespread U.S. flight cancellations tied to the federal shutdown could lift gasoline demand ahead of Thanksgiving, with more than 2,800 flights canceled and over 10,200 delayed on Sunday.
Expectations for an overall crude supply surplus limited further gains even as new U.S. sanctions and Ukrainian drone attacks on Russian refineries added upside risk.