(image via pexels)
U.S. oil price surges 10% to $106 a barrel, a 7-year high prompted by Russia’s assault on Ukraine https://t.co/R98HSBBIfO
— CNBC (@CNBC) March 1, 2022
From CNBC:
Prices first topped the $100 mark last Thursday when Russia invaded Ukraine, prompting fears of supply disruptions from key exporter Russia, in what is already a very tight market.
West Texas Intermediate crude futures, the U.S. oil benchmark, jumped 11.3% to $106.50 per barrel. International benchmark Brent crude advanced 9.5% to trade at $107.26, the highest since July 2014.
The International Energy Agency agreed Tuesday to release 60 million barrels of oil from global reserves, in an effort to ease some of the current supply constraints.
Read the full report at CNBC. In April 2020, US oil prices soared as much as 35% to $27.39 a barrel after Trump said on Twitter that he hoped and expected Saudi Arabia and Russia will slash output by between 10 million and 15 million barrels per day. Crude closed with a surge of 25% to $25.32 a barrel. According to CNN, that exceeded the previous one-day record that was set exactly two weeks ago. So far, Canada is the only nation to announce it is banning oil products from Russia. According to AAA, the national average for a gallon of gas was $3.619 on Tuesday. That represents an increase of 24 cents from a month ago.
Dow drops more than 600 points as bank stocks slide, oil prices jump to 7-year high https://t.co/4bXVXqYbMR
— CNBC (@CNBC) March 1, 2022
Discover more from The Randy Report
Subscribe to get the latest posts sent to your email.