WTI oil price extends its winning streak due to the likelihood of OPEC+ retaining output policies. Ukrainian drone stacks have rendered offline nearly 1 million bpd of Russian Crude processing capacity. Crude oil demand could be enhanced due to the recent expansion in Chinese manufacturing activity. West Texas Intermediate oil price is on an upward trajectory for the third successive session, with the commodity trading around $83.10 per barrel during Asian trading hours on Monday.
He also stated that there is no necessity for Russia to impose export bans on diesel to address escalating prices and potential fuel shortages following drone attacks that disrupted refining capacity. Ukrainian drone strikes have crippled numerous Russian refineries, leading to a decline in Russia's fuel exports. These attacks have rendered nearly 1 million barrels per day of Russian Crude processing capacity inactive.