The biggest changes in oil prices in two years. Crazy week is over

Oil prices are rising on the New York and London stock exchanges. The week with the strongest changes in oil prices since the historic drop in prices below zero in April 2020 is drawing to a close. The war between Russia and Ukraine, which has been ongoing since February 24, is triggering sharp increases in the prices of key raw materials, brokers inform.

A barrel of West Texas Intermediate crude oil in deliveries for April costs USD 106.68 on NYMEX in New York, up 0.62 percent.

Brent crude oil on the ICE in London for May deliveries is priced at $ 110.03 a barrelhigher by 0.64 percent.

This week, WTI prices were reaching USD 130 per barrel, and Brent quotes approached around USD 140 / b.

In addition, Brent recorded record price fluctuations – by $ 20 / b during one session.

On the oil markets, it will also be the time with the first weekly decline in raw material prices – by over 8%. – the strongest since November 2021

The effects of the ongoing war between Russia and Ukraine are sweeping through commodity markets – from wheat to fuel – gasoline and diesel fuel, adding to inflationary pressures around the world.

In the United States, the House of Representatives passed an embargo law on Russian energy resources this week, but President Joe Biden had previously introduced a ban on imports of these products through an executive ordinance.

The OPEC cartel countries said this week that the markets were full of oil.

Rystad Energy has bad news for the oil markets – its experts point out that If countries around the world continue to apply sanctions on imports of Russian oil, the Brent price could rise to USD 240 per barrel by summer.

On the day of Russia’s attack on Ukraine on February 24, the Brent barrel was valued at $ 99, and the WTI barrel was valued at $ 92.8.

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