Crude prices are recording strong increases in the middle of today’s trading session, Tuesday, February 22nd, as Brent and US crude are trading at their highest levels since 2014, coinciding with the rise in tensions and fears about the Russian and Ukrainian conflict, especially after Russian President Putin’s orders to enter the separatist areas in eastern Ukraine to become the order of the Russian invasion Ukraine is closer than ever before, which raised the fears of oil supplies.
With this escalation, the United States of America is preparing to impose new sanctions on Russia today, Tuesday, as a reaction to the Russian decision, especially after the UN Security Council described in its session yesterday, Monday, that Russia’s decision to recognize the independence of the Donetsk and Luhansk regions is a violation of Ukraine’s territory and sovereignty and contradicts the Charter of the United Nations.
This geopolitical crisis is shaped in support of crude prices due to its direct impact on supply, which will cast a shadow on the recovery of demand previously affected by the Corona pandemic.
In a related context, reports issued at the beginning of the week indicated that many members of the Organization of the Petroleum Exporting Countries and independent allies within the Organization of the Petroleum Exporting Countries + want to continue the current policy of increasing production by 400,000 barrels next April at the same pace as before.
American crude (NYMEX) is trading at an increase of about 5.41% at levels of 96 dollars a barrel, while Brent crude is trading 90 cents away from levels of 100 dollars at levels of 99.10 dollars a barrel, an increase of about 3.89%, the highest level since September 2014.
05/11/2024
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