The price of oil starts to rise again and Brent rises again above 88 dollars

Oil prices rose more than 2% as they stabilized on Tuesday amid fears of a possible tightening of supplies due to Ukrainian-Russian tensions, the situation in the region and OPEC + difficulties in overcoming the challenges. to increase production goals.

Analysts noted that oil prices rose despite falling equity markets and the possibility of the US Federal Reserve hike interest rates on Wednesday.

THE future Brent crude rose $ 1.93, or 2.2%, to stand at $ 88.20 a barrel, while US West Texas Intermediate crude rose $ 2.29, or 2.8%, to settle at $ 85.60.

“Geopolitical risks have pushed crude oil prices higher as the tight oil market already struggling with low inventories looks vulnerable in the coming months,” said Edward Moya, chief market analyst at OANDA.

“Traders do not know how the situation on the Ukrainian-Russian border will develop or if Iran will be in able to reach a nuclear deal, but the odds are not going well, and this is likely to lead to a supply shortage, ”according to Moya.

Senior officials from Biden’s administration claimed the United States was in negotiations with countries and the main energy producing companies in all over the world on a possible diversion of supplies to Europe if Russia invaded Ukraine.

Russia said it was watching with great concern after the US put in in alert 8,500 soldiers to be ready to deploy in Europe in case of escalation of the Ukrainian crisis.

Read More About: Business News

Follow AsumeTech on

More From Category

More Stories Today

Leave a Reply