Oil futures rose on Wednesday as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.
Brent crude futures were up 78 cents, or 0.7%, at $107.42 a barrel as of 1242 GMT. U.S. West Texas Intermediate futures climbed $1.10, or 1.1%, to $103.06 a barrel
The United States and its allies on Wednesday prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskiy described as "war crimes." Russia denied targeting civilians. read more
"With allegations ramping up and new Western sanctions against Russia in the pipeline, further Russian economic retaliation looks inevitable," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown "These concerns have no doubt fed into the oil price trending higher, with volatility expected to continue as the geopolitical situation unfolds."
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