West Texas Crude Oil Contract Delivered in Oct. It traded on the NYMEX plus $1.60 to close at $83.54/barrel. Brent North Sea London November delivery rose $1.15 to close at $89.15/barrel.
Oil prices were also boosted by Russian President Vladimir Putin’s remarks that Russia would completely freeze energy supplies to the West. If measures are taken to set the Russian oil price ceiling
“We will cancel the contract with the West. And we will stop power delivery altogether. If measures are taken once morest our interests We will not send gas, oil, coal or any kind of energy,” Putin said at the Eastern Economic Forum in Vladivostok. Russia
The finance ministers of the top seven industrialized nations, or G7, agreed at a meeting on Friday to set a ceiling on Russian oil prices in an effort to undermine Russia’s fiscal position. without allowing the proceeds to be used to support the war with Ukraine
The measure to impose a ceiling on Russian crude oil prices will come into effect on Dec. 5, 2022 and will apply to petroleum products on Feb. 5, 2023.
However, the G7 has not yet set the level of the Russian oil ceiling. but will be discussed in more detail later. The conclusion is expected in the next few weeks.
The US Energy Information Administration (EIA) said US crude inventories rose 8.8 million barrels last week. while analysts expected a rise of just 250,000 barrels.