West Texas Intermediate crude is surging to levels not seen since mid 2008, as global buyers scrambled to buy U.S. and European crude.
Oil prices knocked out fresh multiyear highs on Thursday, as investors continued to scramble for the commodity amid fears of supply disruptions from a continuing war in Ukraine.
Price action Market drivers A scramble for U.S. and Brent crude comes as global buyers have been shunning Russian oil, even at deeply discounted prices. That’s partly due to the fact cargoes sailing from Russia are finding it nearly impossible to get insurance, Nicolas Daher, lead energy analyst at the Economist Intelligence Unit told MarketWatch.
Analysts said the decision by the International Energy Agency to release 60 million barrels from the emergency oil reserves of member countries, was also insufficient to balance the current demand, against the backdrop of the Ukraine war. “One factor that can ease off the current oil price is Iranian oil. So far, it doesn’t seem likely that we will see a day when Iranian oil will hit the market, and the threat of sanctions on Russian oil remains a real possibility,” said Naeem Aslam, chief market analyst at AvaTrade, in a note to clients.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
As Ukraine war rages, oil prices surge to highest level since 2014Energy costs are climbing over concerns the conflict in Eastern Europe could disrupt crude and natural gas supplies.
Weiterlesen »
Stock Futures Rise Slightly Amid Surge in Oil Prices, Ongoing Conflict in UkraineStock futures were slightly higher Tuesday night as oil prices surged amid the ongoing conflict between Russia and Ukraine.
Weiterlesen »
Exxon stops oil production in Russia as war in Ukraine intensifiesExxon Mobil will pull out of an oil production venture in Russia and stop making new...
Weiterlesen »
Exxon to Shut Down Oil Production in Russia After Ukraine AttackThe Texas energy giant will exit its Sakhalin project in Russia’s Far East, and make no new investments in the country, following similar moves by BP and Shell.
Weiterlesen »
US 'paying Putin to invade' Ukraine based on energy policy: Oil analystThe Schork Group principal Stephen Schork argued that America is “paying” Russian President Vladimir Putin to invade Ukraine based on the current energy policies of the United States.
Weiterlesen »
Stocks fall, oil tops $100 a barrel as Ukraine war ragesAsian stock markets have slid and oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities.
Weiterlesen »