The escalation of the Russian-Ukrainian war has caused supply concerns Crude oil futures closed slightly higher

News on September 23, the escalation of the war between Russia and Ukraine has intensified energy supply concerns, while the potential for China's demand growth has also supported energy prices, and crude oil futures closed higher
.

November futures for West Texas Intermediate crude on the New York Mercantile Exchange rose 55 cents, or 0.
7 percent, to settle at $
83.
49 a barrel.
Brent crude futures, the global benchmark for November on the ICE Futures Europe Exchange, rose 63 cents, or 0.
7 percent
, to $90.
46 a barrel.

Back on the New York Mercantile Exchange, October gasoline rose 1.
2 percent to $2.
5157 a gallon, while October heating oil rose 1.
76 percent to $
3.
4115 a gallon.
Natural gas prices fell 8.
9 percent to $7.
089 per million British heat in October, the lowest closing level
since July 15.

Oil prices rose
after closing at their lowest price in two weeks a day earlier.
U.
S.
crude inventories again grew weekly on Wednesday, accompanied by signals
that the Federal Reserve is raising interest rates and the central bank will continue to aggressively raise interest rates to control inflation.

Analysts say fears that a sharp rate hike by the Federal Reserve and other major central banks will trigger a global recession or a severe slowdown overshadow Russian President Vladimir Putin's decision to partially mobilize reservists and rhetoric
seen as a threat of nuclear weapons.

Analysts at Sevens Report Research said in a communication on Thursday that economic uncertainty could limit gains in the $90-$100 a barrel range, putting oil prices in sideways trading mode
in the near to medium term.
Still, "the geopolitical implications of the war in Ukraine will remain a driving force and OPEC+ will fall significantly short of its production targets," they said
.

Warren Patterson, head of commodity strategy at ING, said in a note that Russia's move had in fact raised serious supply concerns
.
"This apparent escalation has raised concerns about
the possible impact of Russian energy flows.
" We may see the West become more aggressive with energy sanctions, or we may see Putin further weaponize
energy.
”

Russia's influence in gas is limited, and gas flows to the EU have fallen by about 70%
year-on-year.
"Russia's more influential area is oil, but this influence will also decline
in the coming months as the EU's ban on Russian oil and refined products comes into effect," Patterson said.

Analysts said the prospect of growing China's crude demand also provided support
for oil prices.
At least three state-run refineries and a large private refinery in China are reportedly considering a 10 percent increase in October output from September as demand is expected to pick up and exports could pick up
in the fourth quarter.
Reports that China is considering approving exports of up to 15 million tonnes of refined products have put pressure on
product prices.

"If these latest reports are confirmed, this will be a big deal for the oil products market, which equates to supplying about 1 million barrels of refined petroleum per
day for the rest of the year," Patterson said.
That should bring some relief to the medium distillate market, which has been very tight
this year.
”

Meanwhile, U.
S.
domestic natural gas supplies increased by 103 billion cubic feet
in the week ended Sept.
16, according to data released Thursday by the U.
S.
Energy Information Administration.
According to a survey conducted by S&P Global Commodity Insights, the increase is higher than the average analyst expects of 92 billion cubic feet
.