New York (Reuters) – Oil prices jumped more than 2% on Monday to their highest in more than seven years because the President of Ukraine stated “Unity Day” for February 16, dating that some Western media had been quoted as possible Russian invasion.
Russia is one of the largest oil and gas producers in the world, and is worried that it can attack Ukraine has pushed rally in oil closer to $ 100 per barrel, a level that was not visible since 2014 “The market remains hyper-sensitive to developments over the situation of Russia / Ukraine,” said John Kilduff, partner in the capital again in New York. “This is now increasingly intensifying a great degree. At present, buy now, ask later.”
Brent crude rose $ 2.04, or 2.2%, to complete $ 96.48 per barrel, after touching the highest since September 2014 at $ 96.78 Crude oil A.S. West Texas Intermediate (WTI) rose $ 2.36, or 2.5%, to settle $ 95.46 per barrel, after hitting $ 95.82, the most resilient since September 2014 Ukrainian President Volodymyr Zelenskiy asked Ukraine to fly the country flag from the buildings and sing national anthem at Unison on February 16.
Ukrainian officials emphasized that Zelenskiy did not predict the attack on that date, but responded skeptical to foreign media reports. Some Western media organizations have quoted A.S. And another official quoted the date when Russian forces will be ready for attacks The United States did not see the “real sign” of the de-escalation of Russian forces on the Ukrainian border, said the US State Department. It remained unclear whether Russia was interested in pursuing diplomatic lines, the Ministry of Foreign Affairs added State Secretary Antony Blinken said the United States moved the operation of his embassy in Ukraine from the capital of Kyiv to Western City Lviv, quoting “dramatic acceleration in the buildup of Russian troops.”
Russia has collected thousands of troops near the Ukrainian border, but Moscow denies plans to attack and accuse west of Hysteria. The United States warns on Sunday that Russia can attack Ukraine anytime and may create a pretext of surprises for attacks. [MKTS / GLOF] Russia is one of the largest crude oil producers, with a capacity of around 11.2 million barrels per day, said Nishant Bhushan, senior oil market analyst for Rystad energy.
“Every oilflow from the region will send the price of Brent and WTI to skyrocket much higher above $ 100, in the market that struggles to supply the increase in crude oil demand when the economy recovers from pandemic,” Bhushan said Organizations of petroleum exporting countries and allies include Russia, a group known as OPEC +, has struggled to provide monthly promises to increase output of 400,000 barrels per day (BPD) until March Head of the International Energy Agency (IEA) Fatih Birol urged OPEC + to close the gap between his words and actions.
IEA said that the gap has widened between the OPEC + target and the actual output Investors also watch talks between the United States and Iran. Iranian Foreign Minister said Iran was “being in a hurry” to reach a quick deal in nuclear talks in Vienna, provided the national interests were protected.
“The nuclear agreement between the United States and Iran can release 1.3 million barrels of supply, but this will not be enough to alleviate supply constraints,” said Pratibha Thaker, editorial director of the economist unit for the Middle East and Africa.
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