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Oil prices rose at settlement on Thursday,
amid concerns about supply disruptions following Ukrainian attacks on Russian energy infrastructure. The stalled peace talks also dampened expectations of an agreement to restore Russian oil flows to global markets.
Brent crude futures settled up 59 cents, or 0.94%, at $63.29 a barrel.
U.S. West Texas Intermediate crude futures rose 72 cents, or 1.22%, to settle at $59.67 a barrel.
A source in Ukrainian military intelligence said on Wednesday that Ukraine had struck the Druzhba oil pipeline in the Tambov region of central Russia. This was the fifth attack on the pipeline, which carries Russian oil to Hungary and Slovakia.
The pipeline operator and the Hungarian oil and gas company later confirmed that supplies were flowing normally.
Prices were also supported by the perception that the Ukraine peace plan had stalled after representatives of US President Donald Trump left peace talks with the Kremlin without making any tangible progress toward ending the war. Trump said it was unclear what would happen now.
Expectations of an end to the war had weighed on prices recently, as traders anticipated that any agreement would lead to the lifting of sanctions on Russia, thus allowing Russian oil to return to an already oversupplied global market.
“Despite the rise, concerns about oversupply and weak demand continue to weigh on crude oil prices,” said Tony Sycamore, a market analyst at IG, in a note.
