Oil prices rose on Friday after Russia said it fired a ballistic missile at Ukraine and warned of a widening conflict, raising the prospect of a tightening crude supply.
Brent oil futures gained 14 cents, or 0.2%, to $74.37 a barrel by 0007 GMT. West Texas Intermediate crude oil futures rose 17 cents, or 0.2 percent, to $70.27 a barrel.
Russian President Vladimir Putin said Thursday that the war in Ukraine was turning into a global conflict after the United States and Britain allowed Ukraine to hit Russia with their weapons.
Mr Putin, who said Russia had responded to the use of US and British missiles by firing a new type of medium-range hypersonic ballistic missile at a Ukrainian military facility, warned the West that Moscow could take other retaliatory measures.
After approval from President Joe Biden's administration, Ukraine struck Russia with six U.S. ATACMS missiles on Nov. 19 and with British Storm Shadow missiles and U.S. HIMARS missiles on Nov. 21, Putin said.
Russia is one of the world's leading crude oil producers, although its production has fallen following import bans linked to its invasion of Ukraine and supply restrictions imposed by the Group of OPEC+ producers. This month, Russia said it was producing about 9 million barrels of oil per day.
Ukraine has used drones to target Russian oil infrastructure, including in June when it used long-range attack drones to strike four Russian refineries.
Rising U.S. crude oil and gasoline inventories have limited price gains, with government data released this week showing crude oil inventories increased by 545,000 barrels during the week of November 15 to reach 430.3 million barrels and gasoline stocks by 2.1 million barrels to reach 208.9 million barrels.
Some analysts predict a further increase in oil inventories in next week's data.
“We expect a rebound in U.S. production and refinery activity next week, which will have negative consequences for crude oil and major products,” said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's largest crude importer, China, for its part, announced Thursday policy measures to boost trade, including support for imports of energy products, amid concern over US President-elect Donald Trump's threats to impose customs duties.
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