distillate

Crude futures settled higher on soaring diesel prices as concerns about distillate supply increased with Ukrainian attacks on Russian refineries and U.S. sanctions set to take effect at the end of the week.

The benchmarks settled more than 1.5% higher in the previous session, driven by concerns over the impact of U.S. sanctions on Russian flows and gains in distillate futures.

Improvement in GRM is aided by stronger seasonal demand for middle distillates during the winter season, together with ongoing maintenance shutdowns at regional refineries in October, the analysts say.

Oil futures rose for a third consecutive session as concerns around the impact of Russia sanctions and gains in distillate futures countered underlying views about oversupply.

U.S. crude oil inventories rose last week amid a rebound in imports, while stocks of gasoline and distillate fuels declined, according to data released Wednesday by the U.S.