Oil prices are rising, boosted by stronger than expected economic data in China – the world’s largest importer of crude. In addition, the “black gold” is also benefiting from geopolitical uncertainty, after Ukraine again launched attacks on several Russian refineries over the weekend.
This on a day when Vladimir Putin once again secured a presidential mandate, having won the presidential elections with more than 80 per cent of the vote, according to Russian press reports.
West Texas Intermediate (WTI), traded in New York, rose 0.48 per cent to 81.43 dollars a barrel and North Sea Brent, the benchmark for European imports, gained 0.4 per cent to 85.68 dollars a barrel.
Oil continued its gains on Monday 18 March, after having risen by more than 3% in the previous week.
“The attacks on Russian refineries contributed to gains of two to three dollars a barrel last week, which are continuing this week as we saw more attacks over the weekend,” said Vandana Hari, founder of Vanda Insights, in a statement to Bloomberg.
Even so, she warns, market sentiment could change in the coming days as a new Fed monetary policy decision is expected.
