"Oil Prices Surge on Russian Refinery Attacks and US Inventory Decline"
Oil prices surged after Ukraine's drone strikes on Russian oil refineries, with the West Texas Intermediate contract for April rising 2.62% to $79.59 a barrel and the Brent contract for May increasing 2.38% to $83.87 a barrel. The strikes targeted major refineries, including a Rosneft facility with a refining capacity of 340,000 barrels per day, and have impacted 25% of Russia's total refining capacity. Analysts expect the drone attacks to continue, potentially leading to supply disruptions and further price increases, while U.S. crude inventories fell by 1.5 million barrels last week, contributing to the upward pressure on oil prices.
