Crude oil futures ended sharply higher on Monday amid concerns about supply due to geopolitical risks following continued drone attacks by Ukraine on Russian oil refineries. According to private report, the disruption in Russian refineries will likely result in a drop of close to 200,000 barrels per day to around 2.15 million barrels per day this month. Besides, oil prices were also supported by data showing a drop in crude exports from Iraq and Saudi Arabia. Meanwhile, improved industrial output and retail sales data from China and the IEA forecast of a supply deficit through 2024, changing its earlier prediction of a surplus, contributed as well to the jump in oil prices.
Benchmark crude oil futures for April delivery rose $1.68 or about 2.1% to settle at $82.72 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged by $1.55 or about 1.8% to $86.89 per barrel on London's Intercontinental Exchange.