LONDON (Archyde.com) – Oil prices jumped to their highest level since 2014 on Tuesday as tensions escalated between Russia and Ukraine following Russia ordered its forces to deploy in two breakaway regions in eastern Ukraine, raising concerns regarding oil supplies and pushing its price close to $100 a barrel.
The United States and its Western allies are set to announce new sanctions once morest Russia following President Vladimir Putin formally recognized the independence of two separatist regions in eastern Ukraine, escalating a security crisis on the continent.
Brent crude futures rose $3.48, or 3.7 percent, to $98.87 a barrel, and contracts rose earlier on Tuesday to $97.66, the highest level since September 2014.
US West Texas Intermediate crude contracts jumped $4.41, or 4.8 percent, to $95.48 a barrel, following hitting $96 earlier in the day, its highest since 2014.
The Ukraine crisis has increased support for the oil market, which has already risen due to a lack of supply as demand rebounded following the Covid-19 pandemic.
Today, Tuesday, the Nigerian Minister of Petroleum adhered to the position of OPEC Plus, saying that there was no need to increase production to a greater degree now, pointing to the possibility of Iranian oil being pumped into the markets if an agreement was reached.
Talks are underway to revive a nuclear deal between Iran and world powers that might eventually increase Iran’s oil exports by regarding 1 million barrels per day.
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The crisis in Ukraine raises oil prices to a record level
written by Alexandra Hartman Editor-in-Chief
Today, oil prices hit a new record in 7 years, following Russia ordered the deployment of its forces in the Donetsk and Lugansk People’s Republics.
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Global benchmark Brent crude futures rose $2.10
Oil prices jumped more than $2 on Tuesday, hitting a new record in seven years, following Russia recognized the republics of Donetsk and Luhansk in eastern Ukraine.
US and European officials condemned the Russian move, but a US official said that the Russian military action did not yet constitute an “invasion that might lead to the imposition of wide-ranging sanctions.”
Brent crude futures rose $2.10, or 2.2%, to $97.49 a barrel, following It increased by 2% yesterday. Contracts rose earlier today to $97.66, the highest level since September 2014.
US West Texas Intermediate crude contracts jumped $3.25, or 3.6%, to $94.32 a barrel.
Oil prices compensate for its losses, and Brent is above $ 93.8
written by Alexandra Hartman Editor-in-Chief
LONDON (Archyde.com) – Oil prices reversed losses on Wednesday, as investors evaluated conflicting statements regarding a possible withdrawal of some Russian troops from Ukraine’s borders amid global supply shortages and rebounding fuel demand.
Brent crude was trading at $93.86 a barrel at 10.00 GMT, up 62 cents, or 0.6 percent, following falling 3.3 percent last night, following Russia announced a partial withdrawal of its forces from near Ukraine.
US West Texas Intermediate crude recorded $92.64 a barrel, up 62 cents, or 0.6 percent, following closing on Tuesday, down 3.6 percent.
The two crudes reached their highest levels since September 2014 on Monday, with Brent touching $96.78 a barrel and WTI $95.82 a barrel.
The price of Brent crude jumped 50 percent and US crude 60 percent in 2021, as the recovery of global demand from the repercussions of the Covid-19 pandemic pressured supply.
LONDON (Archyde.com) – Oil prices stabilized on Monday in volatile trading following hitting their highest levels in more than seven years on fears that a possible Russian invasion of Ukraine might lead to US and European sanctions that would disrupt exports from one of the world’s largest producers.
Brent crude was down 11 cents, or 0.1 percent, at $94.33 a barrel by 0910 GMT, following hitting a peak of $96.16 earlier, its highest since October 2014.
US West Texas Intermediate crude rose one cent, or less than 0.1%, to $ 93.11 a barrel, hovering near its highest level during the session at $ 94.94, which is also the best since September 2014.
Statements from the United States regarding an imminent attack by Russia on Ukraine raised tensions in global financial markets.
Washington said yesterday that Russia might invade Ukraine at any time and might create a pretext for an attack.
“If … there is a movement of forces, Brent crude will easily rise above $100 a barrel,” said Edward Moya, market analyst at OANDA, in a note.
“Oil prices will remain highly volatile and vulnerable to rapid developments regarding the situation in Ukraine,” he added.
The state of tension comes at a time when the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC Plus, are facing difficulties to increase production despite monthly pledges to increase production by 400,000 barrels per day until March.
Investors are also watching ongoing talks between the United States and Iran to revive the 2015 nuclear deal.
An Iranian Foreign Ministry spokesman said on Monday that the talks had not reached a dead end, although a senior Iranian security official said earlier that progress in the talks had become “more difficult”.