Oil Holds Steady With Focus on Russian Oil Trade, Air Strikes
(Bloomberg) — Oil held steady as US threats to sanction Russia’s crude failed to materialize, even as mounting Ukrainian drone attacks increased the prospect that the country’s flows would be disrupted.
West Texas Intermediate edged up 0.5% to settle below $63 a barrel, after earlier climbing as much as 2.6%. Ukrainian strikes temporarily suspended operations at Primorsk, the main oil-loading port in the region, and targeted three pumping stations pushing crude to the Ust-Luga hub, a person familiar with the situation said. Those are Russia’s two most important crude-exporting hubs on the Baltic coast.
