The price of oil surged 3% to near $69 a barrel as US approval for Ukraine’s use of long-range missiles inside Russia heightened tensions between the two nations. This increased geopolitical uncertainty overshadowed internal market signals, while a weaker dollar made raw materials more attractive, driving up crude prices.
Source: https://www.bloomberg.com/news/articles/2024-11-17/oil-holds-weekly-loss-on-glut-concerns-china-s-demand-outlook