Oil prices rose today to multi month highs for the second straight session. Traders are assessing how Ukraine’s recent attacks on Russian refineries would affect global petroleum supplies. Ukraine has stepped up attacks on Russian oil infrastructure this year, with at least seven refineries targeted by drones just this month. The attacks have shut down 7%, or around 370,500 barrels per day, of Russian refining capacity, Reuters calculations show. Oil is also gaining support from declining crude exports from Saudi Arabia and Iraq, as well as signs of stronger demand and economic growth in China and the U.S. “Oil demand data surprising on the positive side and the extension of the voluntary OPEC+ cuts until the end of June have supported prices,” UBS analyst Giovanni Staunovo said. “Brent will likely trade in an $80-90 per barrel range this year, with an end-June forecast of $86 per barrel,” Staunovo added. WTI traded up $.75 or .9% to close a $83.47. Brent traded up $0.49 or .6% to close at $87.38.

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