Oil climbs toward $62 amid Russia supply fears

WTI crude oil futures advanced toward $62 per barrel in Asia on Tuesday, supported by fresh supply concerns after Ukrainian drone attacks disrupted operations at Russia?s Kirishi refinery. The outage, expected to last about a month, raised fears of tighter regional supply. Prices also gained as OPEC+ announced a smaller-than-expected production increase of 137,000 bpd for November, matching October?s pace. However, gains were capped by worries over a potential supply glut from rising global output and the ongoing US government shutdown, which has heightened concerns about weaker demand from the world?s largest oil consumer. MCX October oil traded marginally higher at Rs 5500 per barrel.

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