Price movements
Crude futures rose Brent By $1.52, equivalent to 2.14 percent, to $72.56 per barrel by 15:03 GMT.
US crude futures contracts increased by $2.14, or 3.19 percent, to reach $69.16 per barrel upon settlement.
The Norwegian company “Equinor” stated, on Monday, that it had stopped production in the Johan Sverdrup oil field, the largest field in the West. Europedue to a power outage, without mentioning the expected date for the resumption of work.
Giovanni Stanovo, an analyst at UBS Bank, told Reuters that oil prices rose due to this news, as a power outage could put pressure on the North Sea crude market.
Supports actual supplies of Oil From the North Sea Brent crude futures.
Oil prices also rose today, Monday, after the escalation of fighting between… Russia And Ukraine at the beginning of the week.
Two American officials and an informed source said yesterday, Sunday, that the administration of US President Joe Biden allowed Ukraine to use American-made weapons to strike areas inside Russia, in a major shift in Washington’s policy regarding the conflict between the two countries. Ukraine andRussia.
The Kremlin said that Moscow would respond to what it described as a reckless decision by the Biden administration, after Russia had previously warned that such a decision would increase the risk of a confrontation with NATO led by the United States.
Tony Sycamore, a market analyst at IG, said: “Biden giving Ukraine the green light to strike Russian forces in the Kursk area with long-range missiles could lead to geopolitical impacts casting a shadow on oil as tensions there escalate in response to the entry of North Korean forces into the region.” Fighting with Russian forces.”
Yesterday, Sunday, Russia launched the largest air strike on Ukraine in nearly three months, causing severe damage to the former Soviet republic’s energy grid.
