Crude oil prices have risen for three consecutive days, with Brent and West Texas Intermediate nearing $74 and $70 per barrel, respectively, driven by geopolitical tensions.
The escalation of conflict on the Russian-Ukrainian front could disrupt crude supplies, leading to significant price increases, as seen with this week's 0.4% gains in benchmarks.
Russian Foreign Minister Sergei Lavrov indicated that the recent use of ATAMCS missiles marks a dangerous new phase in the Russian-Ukrainian war, raising fears about broader conflict.
Concerns over the weakened demand in China for crude oil may expand losses in the market, especially if geopolitical tensions alleviate but fundamentals worsen.
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