WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Friday after a Ukrainian drone attack early today damaged a docked ship, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk.
Also, Russia launched large-scale air strikes on the Ukrainian capital, damaging residential buildings across the city.
Traders are trying to assess the impact of these attacks and what this means for Russian supply.
Benchmark Brent crude futures were up 1.10 percent at $63.77 a barrel while WTI crude futures were up 1.40 percent at $59.51.
Both contracts jumped more than 2 percent on supply fears before paring some gains as a slew of Chinese data signaled a further loss of momentum in October.
Data showed industrial production rose 4.9 percent year-on-year in the month, falling shy of expectations for an increase of 5.5 percent and down from 6.5 percent in September.
Retail sales were up 2.9 percent - exceeding expectations for 2.7 percent after rising 3.0 percent in the previous month.
Fixed asset investment fell 1.7 percent from last year, missing forecasts for a decline of 0.9 percent following the 0.5 percent drop a month earlier.
The jobless rate came in at 5.1 percent versus expectations for 5.2 percent. House prices fell 2.2 percent year-on-year, matching September's decline.
In its November Short-Term Energy Outlook, the U.S. Energy Information Administration said it expects crude oil prices to fall through the end of 2025 and to average $55 per barrel in 2026 due to a rise in global inventories.
The report further stated that global crude oil inventories will rise to 2.93 billion barrels in the fourth quarter and inventories will reach 3.18 billion barrels by the final quarter of next year.
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