Original title: Oil Gains by Most Since July as Algos Buy Amid Supply Strength
Oil edged up by the most since late July as technical buying supported a rally driven by signs of enduring physical market tightness. West Texas Intermediate rose 2.5% to settle near $66 a barrel. Ukraine struck two oil refineries in Russia in a continued assault on energy infrastructure that has begun to hurt flows, pushing Moscow’s crude-processing runs to the lowest since May 2022 Bloomberg Terminal last month. The conflict has contributed to unforeseen tightness in a market that was expected to be overwhelmed by OPEC crude at this time of year.