Ukraine war to keep firm floor under crude oil prices
The intensifying Russian war on Ukraine should keep crude prices elevated at their highest levels in more than a decade for the foreseeable future, analysts said.The intensifying Russian war on Ukraine should keep crude prices elevated at their highest levels in more than a decade for the foreseeable future, analysts said.
WTI cracked the $100 ceiling in late February after Russian military forces invaded Ukraine, a former Soviet republic. The invasion brought near-universal condemnation on Russia, one of the largest oil and gas producers in the world. “How long this undesirable tag remains on Russian barrels is up to President Putin,” Salazar said. “With an immediate and material supply response unlikely from OPEC and U.S. shale producers, oil prices seem destined to keep rising until we have material demand suppression.”
Tamas Varga at PVM said the week ahead for crude oil prices will depend on how much Western powers are willing to tighten the financial noose on Russia. If oil prices continue to rise, it could usher in a global recession.
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