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Author Topic: WTI Oil Prices Rise Above $124 Brent Near $130 After US Targets Russian Oil Ban  (Read 512 times)

Josenildo Salustiano

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WTI Oil Prices Rise Above $124 Brent Near $130 After US Targets Russian Oil Ban

Crude oil prices continued to rise. WTI futures rebounded above $124 today. while the price of Brent crude oil near the level of 130 dollars after news that US to sanction oil imports from Russia today

West Texas Crude Oil (WTI) contract for delivery in April Trading on the NYMEX was up $5.18, or 4.33 percent, to $124.58 a barrel. Brent crude futures rose $5.99, or 4.86 percent, to $129.20 a barrel.

Bloomberg News reported that The United States will impose sanctions on oil and liquefied natural gas (LNG) imports from Russia later today. in retaliation for Russia's deployment of troops to attack Ukraine

The government of President Joe Biden is ready to impose such sanctions. Even without the support of European allies.

Biden is scheduled to hold a press conference at the White House today at 10:45 a.m. time (11:45 p.m. U.S. time), with oil sanctions on Russia expected to be announced.

One official said The United States is ready to act alone. If Europe does not want to join the sanctions on Russian oil imports

Germany has previously voiced opposition to plans to ban Russian oil imports.

Russia is a major oil exporter in the market. by exporting crude oil and oil products about 7 million barrels per day

Russian Deputy Prime Minister Alexander Novak has warned that oil prices could rise above $300 a barrel. If there is a suspension of oil imports from Russia

“Rejecting Russian oil will lead to disaster for the world market. As a result, oil prices will rise to above-expected levels. It could rise above the $300/barrel level,” Novak said.

Investors will keep an eye on the American Petroleum Institute (API)'s release of US crude inventories today, while the US Federal Energy Information Administration (EIA) will release it tomorrow. Analysts had expected US crude inventories to drop 800,000 barrels last week.



 

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