Price of crude oil shoots above $120 per barrel
Mar 26, 2022 17:07:43 GMT -5
Post by OmegaMan on Mar 26, 2022 17:07:43 GMT -5
Price of crude oil shoots above $120 per barrel during short squeeze; experts warn of even higher oil prices in coming months
Friday, March 25, 2022 by: Arsenio Toledo
Tags: Brent crude, chaos, Collapse, crude oil, economic collapse, economy, energy supply, Inflation, market crash, oil industry, oil markets, oil prices, oil supply, panic, power, power grid, Russia, sanctions, Ukraine, Ukraine war, World War III
This article may contain statements that reflect the opinion of the author
(Natural News) During a short squeeze on Wednesday, March 23, the price of crude oil futures shot up to a record-breaking price of $120 per barrel. Financial experts warn that this is just the beginning, and oil prices will one day stay above $120 per barrel for a long time.
Brent crude futures, one of several internationally recognized benchmarks for gauging the price of a barrel of crude oil, jumped by 4.6 percent during a short squeeze to $121.84 per barrel. West Texas Intermediate, the main benchmark used by the United States, also rose by 4.9 percent to $114.67 per barrel. (Related: CLIMATE LOCKDOWN: Globalists are exploiting oil price spikes to push for greater population control with “10-point plan” that includes bans on travel.)
The oil prices responded to data from the Energy Information Administration released on Wednesday that showed U.S. oil inventories dropped by 2.5 million barrels in the last week. This confirmed the fears of many financial analysts that the loss of Russian oil in the market and the resurgence in people traveling and using their vehicles more is resulting in America and other countries having less oil available in storage.
By the next day, oil prices pulled back slightly as Brent crude contracted by about three percent to settle at $118.01 per barrel. West Texas Intermediate lost more than two percent of its value, but remained above $112 a barrel.
Oil could soon reach $200 a barrel if restrictions on Russian oil continues
Many of the world’s most knowledgeable oil traders are predicting that the price of crude could soon climb beyond $200 a barrel this year, especially if the sanctions, embargoes and other restrictions placed on Russian oil exports continue and global oil importers are unable to find proper alternative sources of supply.
Continued at link
Friday, March 25, 2022 by: Arsenio Toledo
Tags: Brent crude, chaos, Collapse, crude oil, economic collapse, economy, energy supply, Inflation, market crash, oil industry, oil markets, oil prices, oil supply, panic, power, power grid, Russia, sanctions, Ukraine, Ukraine war, World War III
This article may contain statements that reflect the opinion of the author
(Natural News) During a short squeeze on Wednesday, March 23, the price of crude oil futures shot up to a record-breaking price of $120 per barrel. Financial experts warn that this is just the beginning, and oil prices will one day stay above $120 per barrel for a long time.
Brent crude futures, one of several internationally recognized benchmarks for gauging the price of a barrel of crude oil, jumped by 4.6 percent during a short squeeze to $121.84 per barrel. West Texas Intermediate, the main benchmark used by the United States, also rose by 4.9 percent to $114.67 per barrel. (Related: CLIMATE LOCKDOWN: Globalists are exploiting oil price spikes to push for greater population control with “10-point plan” that includes bans on travel.)
The oil prices responded to data from the Energy Information Administration released on Wednesday that showed U.S. oil inventories dropped by 2.5 million barrels in the last week. This confirmed the fears of many financial analysts that the loss of Russian oil in the market and the resurgence in people traveling and using their vehicles more is resulting in America and other countries having less oil available in storage.
By the next day, oil prices pulled back slightly as Brent crude contracted by about three percent to settle at $118.01 per barrel. West Texas Intermediate lost more than two percent of its value, but remained above $112 a barrel.
Oil could soon reach $200 a barrel if restrictions on Russian oil continues
Many of the world’s most knowledgeable oil traders are predicting that the price of crude could soon climb beyond $200 a barrel this year, especially if the sanctions, embargoes and other restrictions placed on Russian oil exports continue and global oil importers are unable to find proper alternative sources of supply.
Continued at link