• Oil rallied after US stockpiles declined for the first time in seven weeks and a Ukrainian drone struck one of Russia’s biggest refineries.
• West Texas Intermediate rose 2.8% to settle near $80 a barrel after a government report showed US crude inventories shrank 1.54 million barrels last week. While the decline was less than the 5.5 million-barrel drop projected by an industry group, markets still interpreted the report as bullish as it was the first drawdown in almost two months.
• Bolstering crude’s gains earlier in the session was a strike on a Rosneft PJSC refinery with a capacity of 340,000 barrels a day, the latest in a slew of attacks on Russia’s oil-processing facilities. While refinery outages usually hurt oil prices by boosting the amount of crude waiting to be processed, the attack signaled heightened geopolitical risks.