Oil Rises on Russian Refinery Outages, Iraq Export Reduction
- Ukrainian drone strikes take Russian refining capacity offline
- Iraq said it would cut oil shipments in the coming months
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Tightening oil supplies pushed West Texas Intermediate above $83 a barrel, extending a rally that has propelled prices to the highest since October.
Ukrainian drone attacks on Russian oil refineries have added pressure to fuel markets, driving up crude demand. JPMorgan Chase & Co. said 900,000 barrels of Russian refinery capacity is offline, adding a risk premium of $4 a barrel to oil prices. Separately, Iraq plans to cut oil exports.