Oil prices edged up on Friday, on track to rise at their steepest rate since early June as Ukraine’s attacks on Russia’s energy infrastructure prompted Moscow to restrict fuel exports and brought it close to cutting crude output.
Brent futures climbed 13 cents, or 0.2%, to $69.55 a barrel by 0454 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 22 cents, or 0.3%, to $65.20 a barrel.
Both benchmarks have jumped over 4% this week, their biggest increase since the week ended June 13.
“Gains were supported by ongoing Ukrainian drone strikes targeting Russian oil infrastructure, NATO’s warning to Russia it is ready to respond to future violations of its airspace and Russia’s move to halt key fuel exports,” IG analyst Tony Sycamore said.
Russian Deputy Prime Minister Alexander Novak said on Thursday the country would introduce a partial ban on diesel exports until the end of the year and extend an existing ban on gasoline exports.
The fall in capacity to refine oil has pushed Moscow close to reducing crude output. Several Russian regions are facing shortages of certain grades of fuel.
