OIL PRICE: NEAR $112
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent climbed $2.48, or 2.27%, to $111.81 a barrel. WTI were up $2, or 1.89%, to $108.02 a barrel.
In a week of volatile trading marked by talk of Russian oil embargoes then potential supply additions from Iran, Venezuela and the United Arab Emirates while fighting escalated in Ukraine, Brent was on track for a weekly fall of 5.2% after hitting a 14-year high of $139.13 on Monday. U.S. crude was headed for a drop of 6.6% after touching a high of $130.50 on Monday.
Prices eased this week after it became clear the European Union, heavily reliant on Russian energy, would not join the United States and Britain in banning Russian oil.
Russia, the world's second largest crude exporter behind Saudi Arabia, exports about 3 million barrels per day of crude to Europe's OECD countries.
In the near term, supply gaps are unlikely to be filled by extra output from members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, given that Russia is part of the grouping.