top of page

Title: Oil soars as Russia puts nuclear forces on alert, bank sanctions bite

Writer's picture: analysiswatchanalysiswatch

Feb 28, 2022 02:06AM ET


By: AnalysisWatch


Oil prices rose on Monday after sanctions against Russia were tightened over its invasion of Ukraine and President Vladimir Putin put his country's nuclear capability on high alert.


The price of Brent crude, which had initially topped $7 a barrel, rose back to $100 a barrel as warnings over nuclear weapons and restrictions on bank payments raised fears that oil supplies from the world's second-largest producer could be disrupted. Russia accounts for about 10 percent of the world's oil supply.


Brent crude futures were up $4.69, or 4.8 percent, at $102.62 per barrel at 1:43 p.m., after peaking at $105.07 in early trading.


The benchmark hit a more than seven-year high of $105.79 last week following Russia's invasion of Ukraine. The April contract for Brent crude expires on Monday.


The May contract rose from $5.28 to $99.40.


West Texas Intermediate crude futures in the United States rose $5.34, or 5.8 percent, to $96.93 after reaching a high of $99.10 earlier in the day.


WTI rose to $100.54 last week.


OANDA analyst Geoffrey Haley said gains were limited because it was still unclear whether banks and energy payments affected by SWIFT sanctions would be exempt. On Monday, markets stabilized on hopes that Russia and Ukraine would hold talks near the Belarusian border, the first such meeting since Russia invaded the neighboring country last week.

0 views0 comments

Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page