Power The Future executive director Daniel Turner argued that the price of oil l can “easily” hit $150 a barrel amid the conflict between Russia and Ukraine and warned that if sanctions are ever imposed on Russian oil, the price will soar to $200 a barrel.
The announcement to release crude from stockpiles failed to calm concern about disruption in supplies from Russia, the second-biggest exporter behind Saudi Arabia.
Benchmark U.S. crude jumped to $109.79 per barrel in electronic trading on the New York Mercantile Exchange. It rose $7.69 on Tuesday to $103.41. On Wednesday morning, Brent crude, the price basis for international oils, gained $5.03 to $111.63 per barrel in London. It soared $7 during the previous session to $104.97.
Turner slammed Biden's announcement to release 30 million petroleum reserve barrels on Wednesday, noting that the amount only accounts for a day-and-a-half of U.S. oil consumption.
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