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The Water Cooler
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U.S. Crude Oil Tops $130 A Barrel, A 13-year High On Possible Western Ban Of Russian Oil
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<blockquote data-quote="NationalMatch" data-source="post: 3739458" data-attributes="member: 48586"><p>[URL unfurl="true"]https://www.cnbc.com/2022/03/06/us-crude-oil-jumps-to-125-a-barrel-a-13-year-high-on-possible-western-ban-of-russian-oil.html[/URL]</p><p></p><p>U.S. crude oil surged more than 8% in early trading on Sunday evening as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.</p><p></p><p><a href="https://www.cnbc.com/quotes/@CL.1" target="_blank">West Texas Intermediate crude futures</a>, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating.</p><p></p><p>The international benchmark, <a href="https://www.cnbc.com/quotes/@LCO.1" target="_blank">Brent crude</a>, traded 9% higher to $128.60, also the highest price seen since 2008. Brent hit a high of $139.13 at one point overnight.</p><p></p><p>“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”</p><p></p><p>The U.S. and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken <a href="https://www.cnbc.com/2022/03/06/russia-ukraine-latest-updates.html" target="_blank">said in an interview with CNN’s “State of the Union”</a> on Sunday.</p><p></p><p>“We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said. “That’s a very active discussion as we speak.”</p><p></p><p>While Western sanctions against Russia have so far allowed the country’s energy trade to continue, most buyers are avoiding Russian products already. Sixty-six percent of Russian oil is struggling to find buyers, according to JPMorgan analysis.</p></blockquote><p></p>
[QUOTE="NationalMatch, post: 3739458, member: 48586"] [URL unfurl="true"]https://www.cnbc.com/2022/03/06/us-crude-oil-jumps-to-125-a-barrel-a-13-year-high-on-possible-western-ban-of-russian-oil.html[/URL] U.S. crude oil surged more than 8% in early trading on Sunday evening as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas. [URL='https://www.cnbc.com/quotes/@CL.1']West Texas Intermediate crude futures[/URL], the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating. The international benchmark, [URL='https://www.cnbc.com/quotes/@LCO.1']Brent crude[/URL], traded 9% higher to $128.60, also the highest price seen since 2008. Brent hit a high of $139.13 at one point overnight. “Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.” The U.S. and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken [URL='https://www.cnbc.com/2022/03/06/russia-ukraine-latest-updates.html']said in an interview with CNN’s “State of the Union”[/URL] on Sunday. “We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said. “That’s a very active discussion as we speak.” While Western sanctions against Russia have so far allowed the country’s energy trade to continue, most buyers are avoiding Russian products already. Sixty-six percent of Russian oil is struggling to find buyers, according to JPMorgan analysis. [/QUOTE]
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