Oil prices jumped on Wednesday morning by regarding $3 for the two benchmarks, shortly following the European Commission President called on European Union countries on Wednesday to ban Russian oil imports, as part of a sixth package of sanctions targeting Moscow over its military operations in Ukraine.
Brent crude futures rose $3, bringing the price of a barrel to $107.97, while the benchmark US oil futures contract, West Texas Intermediate crude, also jumped $3, to settle at $105.41 a barrel.
The rise in prices comes once morest the background of the European Commission President, Ursula von der Leyen, calling on the European Union countries, on Wednesday, to ban imports of Russian oil, as part of a sixth package of sanctions targeting Russian oil imports due to its military operations in Ukraine.
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Good news for the exporting countries.. Oil prices jump to a new record within 24 hours
written by Alexandra Hartman Editor-in-Chief
Al-Marsad newspaper – Archyde.com: Oil prices rose in turbulent trading on Wednesday, due to disruptions in crude exports from Russia and Kazakhstan via the Caspian Sea pipeline.
Oil futures extended gains, with global benchmark Brent crude jumping $5 to $120.50 a barrel.
The price of Brent crude futures rose $3.13, or 2.7 percent, to record $118.61 a barrel by 1100 GMT. The price had fallen earlier to 114.45 dollars a barrel.
US President Joe Biden is scheduled to announce more sanctions on Russia when he meets with European leaders on Thursday in Brussels and attends emergency NATO meetings.
After Putin’s statement, a huge jump in oil prices and Brent crude records this new number
written by Alexandra Hartman Editor-in-Chief
Al-Marsad newspaper – agencies: Oil prices continued to rise on Friday at the end of a volatile third week, with little progress in peace talks between Russia and Ukraine, raising fears of tightening sanctions and a prolonged oil supply disruption.
Russian President Vladimir Putin, in a stern speech on Thursday, denounced “traitors and scum” at home who helped the West and said the Russian people would spit on them like mosquitos, adding to market tension over prolonging the conflict.
Brent crude futures jumped $2.43, or 2.3 percent, to $109.07 a barrel by 0141 GMT, following rising nearly 9 percent on Thursday, the largest percentage increase since mid-2020.
US West Texas Intermediate crude futures rose $2.75, or 2.7 percent, to $105.73 a barrel, following an eight percent jump yesterday.
But despite the recovery, the two benchmark contracts are heading towards ending the week down by regarding four percent.
Prices have fallen from a 14-year high reached nearly two weeks ago.
“I still expect more volatility. There is still a lot of uncertainty,” said Justin Smirk, chief economist at Westpac in Sydney.
The volatility over the week was led by a supply shortage caused by sanctions once morest Russia, stalled nuclear talks with Iran, dwindling oil inventories and fears that demand would be hit by an increase in coronavirus cases in China.
Analysts said Putin’s speech, comments by a Kremlin spokesman saying that a report indicating significant progress in peace talks was incorrect, and US President Joe Biden calling his Russian counterpart Putin a “war criminal”, all led to a wave of buying on Thursday.
The fifth day of Russia’s offensive in Ukraine, in pictures
written by Alexandra Hartman Editor-in-Chief
The war launched by Vladimir Putin once morest Ukraine has pushed the European Union to a historic leap as a geostrategic force by becoming deeply involved in a military conflict. The European Commission created a cell on Monday to direct and coordinate the purchase of weapons for Kiev, and decided to mobilize the community satellite center to provide espionage services. We show you the most shocking photos of the Russian invasion
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