Because of the war in Ukraine and Western sanctions against Russia, a large volume of Russian oil exports to parts of the world is threatening to collapse.
(Photo: dpa)
Zurich Oil prices continue to rise amid war in Ukraine. On Thursday, the two major oil grades, Brent and West Texas Intermediate (WTI), marked their highest levels in many years. A barrel (159 litres) of the North Sea Brent cost up to 118.20 US dollars and thus as much as last time in 2013. A barrel of the US variety WTI was traded at up to 114.99 dollars. This is the highest level since 2008. Compared to the previous day, prices at times rose by around four dollars each.
Russia’s war in Ukraine is raising concerns about oil supply. Russia is one of the world’s largest oil producers and exporters. Traders are currently shying away from the supply there, partly for fear of sanctions from large economies such as the USA, as Helima Croft, oil market expert at the investment bank RBC Capital Markets, confirms: “Russian export volumes are collapsing due to a buyers’ strike, and the divestment movement is picking up speed. ”
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