Concerns about Russian supplies are driving up oil prices

D + D – Normal size

Oil prices soared ahead of a long weekend in light trade, with traders betting on the possibility of a European embargo on Russian oil imports, against larger-than-expected growth in US oil reserves and lower refining activity in China.

Brent crude futures rose 42 cents, or 0.4%, to $ 109.17 a barrel, while US Brent crude futures rose 23 cents, or 0.22%, to $ 104.39.

Although the EU did not impose a ban on Russian oil imports in response to Russia’s occupation of Ukraine, EU officials are developing a ban on Russian oil products, the New York Times reported.

This comes at a time when Chinese refineries are preparing to cut crude oil production by about 6% this month, the last of two years ago in the early days of the “Govit 19” epidemic – the latest to clear up swollen fuel reserves. According to industry sources and analysts, the closures are due to an increase in “corona” injuries due to consumption reduction.

The U.S. Energy Information Administration said U.S. oil stocks rose more than nine million barrels last week, driven by a withdrawal from strategic reserves, despite signs of persistent global supply disruptions.

Print
Email




See also  Moody's downgrades Country Garden for the second time in less than a month
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space