Rising momentum in oil

Oil is posting its biggest gain in five weeks after U.S. inventories fell. Oil extended its biggest gain in nearly five weeks after U.S. crude inventories fell and Ukraine attacked another Russian refinery. U.S. crude rose 2.8 percent on Wednesday to trade below $80 a barrel. Brent was steady around $84. U.S. inventories fell for the first time in seven weeks, while crude at a storage hub in Cushing, Oklahoma, fell for the first time since early February. Another Ukrainian drone attack on a Russian refinery has added to geopolitical tensions. Wednesday’s attack on Rosneft PJSC’s Ryazan facility near Moscow was the latest in a series of attacks on the country’s processing facilities. Crude is higher this year but prices remain in a tight trading band. Supply cuts from OPEC+ have been met by higher production from outside the group, while concerns about demand from China persist. The International Energy Agency will provide a snapshot of the market in its monthly report later on Thursday. Meanwhile, refined products have been in the spotlight this year, with gains outpacing crude’s slow but steady rise. U.S. gasoline futures are at their highest in nearly six months as fuel supplies dwindle.