Price movements
Prices rose Oil By more than 6 percent over the past week, it reached the highest price since November 7 at settlement on Friday.
Crude futures rose Brent In Friday trading, it rose by 94 cents, equivalent to 1.3 percent, to $75.17 per barrel.
US West Texas Intermediate crude futures rose $1.14, or 1.6 percent, to $71.24 per barrel.
Oil’s rise came with intensification Russia I carried her in Ukraine After I allowed US Britain called on Kiev to strike the Russian rear with weapons provided by both countries.
Ole Hansen, an analyst at Saxo Bank, said: “Russia’s escalation sparked…Ukraine Geopolitical tension is beyond levels seen during the year-long conflict Israel And Iranian-backed militants.”
The Russian president said Vladimir Putin Moscow will continue to test the new Oreshnik hypersonic missiles in combat and has a stock ready for use.
Russia launched the missile at Ukraine after Ukraine used American ballistic missiles and British cruise missiles to strike Russia.
John Evans, an analyst at BVM, said: “What the market fears is the unintentional destruction of any part of oil, gas and refining, which may not only cause long-term damage, but also accelerate the spread of the war.”
In a related context, the United States imposed new sanctions on the Bank of…Gazprom“The Russian Federation at a time when the American President is intensifying… Joe Biden Sanctions measures on Moscow over the war in Ukraine before leaving office on January 20.
The Kremlin said that the new US sanctions were an attempt by Washington to obstruct the export of Russian gas, but indicated that Moscow would reach a solution.
The United States also banned food, metals, and other imports from approximately 30 Chinese companies due to reports of forced Uighur labor.
Yesterday, Thursday, China, the world’s largest crude importer, announced policy measures to boost trade, including supporting imports of energy products, amid concerns about US President-elect Donald Trump’s threats to impose customs duties.
Analysts’ and traders’ expectations and ship tracking data indicate that China’s import of crude oil is likely to increase in November.
Oil imports increased in India, the third largest oil importer in the world, with an increase in domestic consumption, according to government data.
