New York oil prices jump on Russia's massive airstrike in Ukraine

Oil prices in New York surged on news of Russia's massive airstrikes on Ukraine's energy infrastructure and speculation that the West could impose additional sanctions on Russian oil.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery closed at $71.29 a barrel, up $1.27 and 1.81% from the previous session.

West Texas Intermediate crude reached its highest closing level in more than a month since the 7th of last month.

Brent crude oil for February delivery, which is subject to international market comparisons, closed at $74.49 a barrel, up $1.08 and 1.47% from the previous session, the highest since the 22nd of last month.

Russian missiles and drones fleeing Ukraine's air defenses mainly fell on energy infrastructure such as gas facilities and substations around the capital Kyiv and in western Levy and southern Odessa, affecting oil prices.

The rise in oil prices was also helped by reports that the United Arab Emirates (UAE), a major member of the Organization of Petroleum Exporting Countries (OPEC) and OPEC+, a major oil producer, would cut crude exports early next year to strengthen compliance with production cuts targets.

Abu Dhabi's state oil company (ADNOC) has cut supplies to some customers in Asia, with supplies reportedly reduced by up to 230,000 barrels per day, depending on the type of crude.

West Texas Intermediate crude has risen 6.09% this week, while Brent crude is up 4.74% on a weekly basis.