It’s been another busy week for the energy markets, specifically the Petroleumas Russian President Vladimir Putin threatened European gas imports, a storm brought down a major oil pipeline and a Saudi oil terminal came under missile attack on Friday, hurting fuel prices.
On the other hand, Crude prices rose on Friday after European countries decided not to ban Russian oil imports over its invasion of Ukraine. However, Germany said it would reduce its purchases of Energy to Moscow.
Bullish sentiment remains dominant and Brent oil is back above $120 a barrel; however, many bearish factors are expected.
Prices of a barrel of Brent and Texas oil today, March 26: how much does it cost and how much is it quoted?
In accordance with Bloomberg Energy, the price of a barrel of Brent oil closed the week at $120.65, registering an increase of 1.36%. On the other hand, a barrel of West Texas Intermediate (WTI) oil closed at $113.90which represents an increase of 1.39%.
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The instability in the prices of raw materials such as oil maintained the volatility of the markets, while theInvestors will remain cautious about the economic impact of the war in Ukrainenow entering its second month, analysts say, according to The National.
“We are not really getting much news about the situation between Russia and Ukraine. In two or three weeks, we are going to start turning a profit and… that will give us a kind of window into this new world that we find ourselves in, after the Russian invasion of Ukraine.”said Tom Martin of Global Investments.
The United States and the European Union have announced a campaign to steer Europe away from Russian gas imports and curb the millionaire income that fuels the conflict.