"U.S. oil climbed to the highest level in more than a decade in Wednesday trade, with global benchmark Brent topping $113 per barrel after OPEC and its oil-producing allies, which includes Russia, decided to hold production steady.
The oil market was already tight prior to Russia’s invasion of Ukraine, and with countries now shunning oil from key producer Russia, traders are worried that supply shortfalls will follow.
West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 8% to trade at $112.51 per barrel, the highest level since May 2011. Global benchmark Brent crude rose more than 8% to $113.94 per barrel, the highest level since June 2014."
Pippa Stevens reports for CNBC March 2, 2022.
"Russia Oil Shunned Even Without Sanctions, Sparking Supply Panic" (Bloomberg Environment)
"U.S. Targets Russian Oil Sector With Equipment-Export Ban" (Bloomberg Environment)
"As Oil Soars, OPEC And Its Allies Decline To Offer Relief" (New York Times)
"Bipartisan Calls Grow For End To Russian Oil Imports" (The Hill)