New York’s West Texas Intermediate (WTI) crude futures closed higher on Friday (Feb 11) following US officials commented that Russia was close to attacking Ukraine. This might lead to sanctions on Russian oil and gas exports. which will reduce the amount of oil and the price went up
The WTI crude oil contract was delivered in March. It rose $3.22, or 3.6%, to close at $93.10 a barrel. and rose 0.9% this week.
The Brent crude oil contract (BRENT) will be delivered in April. It rose $3.03, or 3.3 percent, at $94.44 a barrel. and rose 1.3% this week.
oil market soar As traders are increasingly concerned regarding the tensions between Russia and Ukraine.
As the uncertainty over the border situation between Russia and Ukraine increases, There are still diplomatic efforts aimed at ending tensions peacefully.
In addition, oil prices have also been supported. After the International Energy Agency (IEA) said the oil market was in a tight position. After warning that OPEC Plus oil production was farther from target levels in January.
Analysts expected Oil prices might soar above $100, with tensions between Russia and Ukraine fueling. and in the near term The change in forecasts regarding the likely Russian invasion of Ukraine may cause the price of oil to fluctuate
“Oil shortages are expected to intensify. Because some OPEC Plus members are limited in production. This will make the oil market more tight,” the IEA said in its monthly report released on Friday.
