Oil prices rose on Thursday, November 21, amid geopolitical fears of escalating tensions between Russia and Ukraine. This was reported by Reuters, according to UNN.
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Brent crude oil futures rose 60 cents, or 0.82%, to $72.81. Futures for US West Texas Intermediate crude rose 64 cents, or 0.93%, to $69.39.
On Wednesday, according to media reports, Ukraine fired British Storm Shadow cruise missiles at Russia. Moscow said that using Western weapons to strike Russian territory far from the border would be a serious escalation of the conflict.
"For oil, the risk is that Ukraine will target Russian energy infrastructure, while the other risk is uncertainty about how Russia will respond to these attacks," ING analysts say.
JPMorgan analysts added that oil consumption rebounded last week due to improved travel demand in the US and India.
Global oil demand is estimated to have reached 103.6 million barrels per day (bpd) in the first 19 days of November, up 1.7 million bpd year-on-year, analysts say.
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