OIL PRICE: BRENT ABOVE $105, WTI ABOVE $103
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent was down $2.26, or 2.1%, to $105.25 a barrel. WTI fell $2.45, or 2.3%, to $103.26 a barrel.
Oil prices are under pressure this week, along with global financial markets, amid jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession.
Supply concerns stemming from Russia's invasion of Ukraine have bolstered the market, with prices rising over 35% so far this year. A pending European Union ban on oil from Russia, a key EU supplier of crude and fuels, could further tighten global supplies.
On Wednesday, oil prices jumped 5% after Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow following the Ukraine invasion.?
That created unease in the market at the same time that Russian natural gas flows to Europe via Ukraine fell by a quarter. It was the first time exports via Ukraine have been disrupted since the invasion.?