Oil prices rise after Ukrainian strikes on Russia

OPEC+ agreed over the weekend to crank up production. Brent crude prices are up about 3% to start the week, at a shade under $65 a barrel.

OPEC+, the cartel of oil producers, agreed over the weekend to crank up production. Instead of falling, Brent crude prices are up about 3% to start the week, at a shade under $65 a barrel.

Prices are getting a boost from Ukraine’s drone strikes on military airports inside Russia, analysts say, and a push by U.S. lawmakers to further cut off Russian oil from global markets.

Russian and Ukrainian officials are due to talk in Istanbul today, but the drone attacks could make a breakthrough less likely. Peace in Ukraine could, in theory, lead to a relaxation of Western sanctions on Russian energy.

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Source: The Wall Street Journal

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