Houses under construction are seen in Livingston, New Jersey in the US. Single-family homebuilding rebounded sharply in February. Homebuilding could boost economic growth, supporting oil demand. – Reuterspic
Ukraine has stepped up attacks on Russian oil infrastructure this year, with at least seven refineries targeted by drones just this month. The attacks have shut down 7%, or around 370,500 barrels per day, of Russian refining capacity, Reuters calculations show. Even if the attacks do not lead to a direct loss of Russian crude supply, there is still a spillover effect for oil prices from surging refined product margins, SEB Research analyst Bjarne Schieldrop wrote on Monday.
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