Oil Prices Surge Amid Concerns Over Shipping Disruptions And Refinery Overhauls

Oil prices experienced notable gains on Monday, attributed to concerns over potential shipping disruptions and limited refinery output, particularly in the United States and Europe.

Brent crude futures settled with a gain of 91 cents, reaching $82.53 a barrel, while U.S. West Texas Intermediate crude futures (WTI) rose by $1.09 to $77.58 a barrel.

Erwin Seba reported for Reuters, highlighting the factors contributing to the surge in oil prices. Brent crude futures settled with a gain of 91 cents, reaching $82.53 a barrel, while U.S. West Texas Intermediate crude futures (WTI) rose by $1.09 to $77.58 a barrel.

European diesel demand, hampered by Russian sanctions and shipping disruptions, contributed to the uptick in prices, with concerns over US refinery overhauls further tightening global supply.

John Kilduff, a partner with Again Capital LLC, emphasized the significance of diesel demand fluctuations, particularly in the context of limited refining activity in the US and disruptions to global trade.

Phil Flynn, an analyst at Price Futures Group, noted the market's shift in focus from inflation concerns to supply and demand dynamics, underscoring the enduring strength of demand amidst supply constraints.

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