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Brent crude oil futures increased 4.7 percent to $101.4 a barrel in April, after jumping 5% to $102.07 earlier in the day. May futures were up 4.54 percent to $98.32. WTI futures for April rose 4.78 percent to $96.48 a barrel.
The rally in the oil market was prompted by Russian President Vladimir Putin's words, in which he announced a Russian military special operation in Donbass. Investors are evaluating the potential impact of Russian penalties on the global oil market.
"Sanctions on Russia could have an economic impact because the country produces around 11% of the world's crude oil, which cannot be replaced in the short term," CBA experts told the Wall Street Journal. Meanwhile, according to IG analysts cited by the WSJ, the Ukrainian conflict might morph into an energy crisis if it worsens.
source: wsj.com
The rally in the oil market was prompted by Russian President Vladimir Putin's words, in which he announced a Russian military special operation in Donbass. Investors are evaluating the potential impact of Russian penalties on the global oil market.
"Sanctions on Russia could have an economic impact because the country produces around 11% of the world's crude oil, which cannot be replaced in the short term," CBA experts told the Wall Street Journal. Meanwhile, according to IG analysts cited by the WSJ, the Ukrainian conflict might morph into an energy crisis if it worsens.
source: wsj.com
