CNBC: U.S. crude oil briefly tops $130 a barrel, a 13-year high on possible Western ban of Russian oil
U.S. crude oil surged more than 7% in Sunday evening trade as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 7.34% higher to $124.17 per barrel. At one point the price rose to $130.50 Sunday evening, its highest since July 2008, before retreating.
The international benchmark, Brent crude, spiked 8.54% higher to $128.20. Brent hit a high of $139.13 at one point overnight, also its highest since July 2008.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”
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WNU editor: What a difference a few months make. Last year President Biden black-listed Crown Prince Mohammed bin Salman for the murder of Washington Post columnist Jamal Khashoggi. Now he is going to beg the same Crown Prince to pump more oil to save the US economy from entering what is now almost certainly a recession, and the Democrat Party’s prospects in this year’s mid-term elections …. Scoop: Biden advisers weigh Saudi Arabia trip for more oil (Axios).
And as for made in America solutions. No word yet on whether the Biden administration will reverse their decision to stop the Keystone XL pipeline and the 850,000 barrels of oil that it could ship from Canadian fields in Alberta everyday.
Oil Prices Explode On Possible Western Ban Of Russian Oil
Oil prices close to $140 per barrel as US, Europe mull Russian crude ban — UpStream
Oil prices soar 10% and stocks plunge as US and Europe consider ban on Russian crude — The Guardian
Stocks sink while oil soars after US and allies consider banning Russian oil — CNN
Stocks plunge, oil rockets, gold tops $2,000 on Ukraine fears — AFP
Source: Oil Prices Explode On Possible Western Ban Of Russian Oil
Category: oil
