Over the past few months, benchmark crude oil prices in the U.S. rose above the $80 mark. On Friday, West Texas Intermediate crude oil closed at $80.63, a drop of 44 cents during the trading day.
Now there are reports the Biden administration, not known for its love of oil and gas production even in the states, fears Ukrainian drone attacks on Russia’s oil industry will drive up oil prices. And the Financial Times reported the U.S. government wants Ukraine to stop the attacks.
One thing is clear. The Ukrainian drone attacks are working and have reportedly cut Russia’s crude oil processing capacity by 7%.
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