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whoo. oil up 5% heading into close. OIL AND GAS Oil jumps amid escalating tensions between Russia and Ukraine

 
Anonymous Coward
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02/11/2022 02:06 PM
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whoo. oil up 5% heading into close. OIL AND GAS Oil jumps amid escalating tensions between Russia and Ukraine
[link to www.cnbc.com (secure)]


OIL AND GAS
Oil jumpOil prices jumped in afternoon trading Friday amid escalating tensions between Ukraine and Russia, with the U.K. advising British nationals to leave Ukraine immediately.

A Downing Street spokesperson also said Prime Minister Boris Johnson feared for the “security of Europe in the current circumstances.”

The spokesperson added that Russian President Vladimir Putin “had to understand that there would be severe penalties that would be extremely damaging to Russia’s economy, and that Allies needed to continue with efforts to reinforce and support the Eastern frontiers of NATO.”

“The market has been concerned about this outcome for several weeks but most believed it would not occur or would at least be after the Olympics,” noted CIBC Private Wealth’s Rebecca Babin. “The key consideration for crude will be what kind of sanctions the US and allies move forward” should Russia invade, she said.

“That is what will ultimately determine how crude supply is impacted,” she added.

U.S. West Texas Intermediate crude futures, the U.S. oil benchmark, rose 4.7% to trade at $94.21 per barrel. It’s the contract’s highest price since 2014.

International benchmark Brent crude also rose to its highest level in more than seven years, jumping 4% to trade at $95.18 per barrel.s amid escalating tensions between Russia and Ukraine
Anonymous Coward
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02/11/2022 02:20 PM
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Re: whoo. oil up 5% heading into close. OIL AND GAS Oil jumps amid escalating tensions between Russia and Ukraine
Oil should be $8/bbl.





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