Crude oil and gasoline prices closed higher on Monday, with gasoline reaching a 1-week high. Concerns over a decline in Russian oil exports due to Ukrainian drone attacks boosted prices. Weaker-than-expected economic news from the US and China signaled a weakness in energy demand.

Ukraine’s attacks on Russian refineries and oil infrastructure have curbed Russian crude exports. Damage from Ukrainian drone attacks on the Kirishi refinery has halted processing, leading to the lowest crude-processing runs in over 3.25 years. Russian oil infrastructure along the Baltic Coast has also been damaged.

Global economic news on Monday was bearish for energy demand, with the US Sep Empire manufacturing survey and China’s Aug industrial production showing weaker than expected results. The weaker labor market in China added to the negative outlook for energy demand.

A decrease in crude oil held on tankers worldwide is bullish for oil prices. Crude oil stored on stationary tankers fell by 7.2% w/w. Geopolitical risks in Europe, the Middle East, and escalating tensions between Russia and Ukraine continue to support crude prices.

Read more at Yahoo Finance: Crude Prices Gain on Concern About Tighter Global Supplies