A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on March 5, 2019.
Crude oil futures were flat Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October.
The West Texas Intermediate contract for May delivery gained 2 cents to $85.45 a barrel, while the Brent contract for June delivery was unchanged at $89.35.
Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%.
The rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions.
Persons:
Tatneft PJSC, Brent
Organizations:
Oil Refining, Petrochemical, The West Texas Intermediate
Locations:
Nizhnekamsk, Tatarstan, Russia, Eastern Europe, Ukraine