Oil remains high

Oil is moving higher as the US moves one step closer to imposing a ban on Russian oil imports after the invasion of Ukraine, intensifying economic pressure on President Putin.

Futures contracts in New York exceeded $ 121 a barrel and reached the highest level since 2008.

The effects of the war have turned markets upside down, driving everything from wheat to nickel and gas to soaring as citizens prepare for an inflation shock.

Oil has risen more than 30% since the invasion, and banks estimate that prices will continue to rise.

US lawmakers have outlined bipartisan legislation banning US oil imports, with EU governments reluctant to decide whether to participate.

Total Energies became the first major oil company to announce that it would no longer buy Russian crude, although most buyers have already imposed an informal embargo.

US Secretary of State Anthony Blinken said at the weekend that the White House was in “active discussions” with Europe over a ban on Russian oil, raising prices on Monday, with Brent reaching nearly $ 140 a barrel.

OPEC Secretary-General Mohammad Barkindo has warned that the world does not have enough oil production capacity to replace Russia’s contribution to crude markets.

WTI for April delivery rose 2% to $ 121.78 a barrel, while Brent for May delivery rose 2.8% to $ 126.65 a barrel.

Source: Capital

You may also like