Oil prices rise again. In accordance with Bloomberg, Crude oil prices are set to post the longest run of monthly gains since the beginning of 2018. This is due to increased price volatility as a result of the war between Russia and Ukraine, as well as measures and lockdowns in China amid the latest outbreak of COVID-19.
April is the fifth month in a row that oil prices will end in gains. Despite these concerns about demand, the upside potential for prices remains considerable as the European Union continues to share information on the progress of the oil embargo against Russia.
Prices of a barrel of Brent and Texas oil today, April 29: how much does it cost and how much is it quoted?
In accordance with Oil Price Chartsa renowned website that has more than 150 oil indices and mixtures worldwide, at 12:56 pm ET, a barrel of West Texas Intermediate (WTI) oil rose 1.43% and is at $106.87. On the other hand, the Brent barrel is at $109.72, up 1.98%, at 12:52 p.m. ET.
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Last Thursday, oil prices closed higher amid Russia’s attack on kyiv after, throughout the day, there was an uptrend following bullish sentiment sparked by the notion that Germany has dropped its opposition to an outright ban on Russian oil.
Investors are keeping an eye on a possible plan by European Union countries to phase out Russian oil imports, which could affect the price of oil. Some countries seek to curb the financing of the war by stopping consuming Russian fuel, Moscow’s main source of profit.
As long as the conflict between Russia and Ukraine continues, as well as the measures and a possible embargo against Moscow, any potential threat to supply could put upward pressure on prices, keeping the energy market volatile.