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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a new escalation of the war, Ukraine targets Russian oil infrastructure to weaken its logistical capabilities. Ukrainian President Volodymyr Zelenskiy said Ukraine struck two Russian oil refineries in the Krasnodar and Yaroslavl regions overnight Saturday, according to Reuters. The attacks are part of Kyiv's strategy to disrupt Russian fuel supply and logistics.
The strikes come amid already tight oil supply conditions. According to API data released on June 23, US commercial crude stocks fell by 0.765 million barrels, though the draw was smaller than the previous week's 8.33 million barrels. Canadian inflation data on June 22 showed a higher-than-expected rise, bolstering demand expectations for energy.
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Sign InInvestors are watching conflict developments, as further attacks on Russian oil infrastructure could lead to more volatility in crude prices. The market is also awaiting the official inventory report from the US Energy Information Administration this week for signals on supply-demand balance.