Oil gains as market buffeted by supply worries

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Carbon tax protest at Nova Scotia-New Brunswick border | SaltWire #newbrunswick #novascotia #rally - Oil prices extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies.

On the geopolitical front, a Ukrainian drone struck one of Russia's biggest refineries in an attack Russia initially said it repelled. Elsewhere, Iran said it would take revenge against Israel for an airstrike that killed two of its generals and five military advisers at its embassy compound in Damascus, raising the risk of further escalation in the Middle East conflict.

 

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