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14 Feb 2022

Oil Firms amid Rising Geopolitical Tensions between Ukraine and Russia

The Index Today

Oil prices remained stable on Monday following its surge to seven-year highs, spurred by increasingly unstable conditions in Eastern Europe threatening possible supply disruptions made worse by the likelihood of war between Russia and Ukraine.

Brent crude edged down by 0.1% to $94.32 per barrel by 0844 GMT after previously hitting a seven-year pinnacle of $96.16, which marks its highest levels since October, 2014. On the other hand, U.S. West Texas Intermediate (WTI) crude inched up to $93.11 a barrel, close to the seven-year high of $94.94.

Markets have found themselves in turmoil following a grim announcement from the U.S. about the imminence of war between Ukraine and Russia. This comes as the OPEC+ continues to face challenges as it attempts to reach its daily output goal of 400,000 bpd till March.

According to OANDA Analyst Edward Moya, "If troop movement happens, Brent crude won't have any trouble rallying above the $100 level."

Clay pottery with table linens
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