Crude oil
The war between Russia and Ukraine is not taking the name of stopping yet. Both countries have not been able to compromise yet. Meanwhile, Ukraine intensified the attack on Russia, which increased the concern that Russian oil supply could be interrupted. For this reason, there is a rise in oil prices today.
Brent crude futures increased by 6 cents or 0.09% to $ 67.79 at 0050 gmt and the West Texas Intermediate (WTI) crude futures have increased by 9 cents or 0.14% to $ 63.75.
Russian officials said on Sunday, Ukraine attacked Russia with a drone, causing the strength of the reactor of a large nuclear power plant in Russia to greatly reduced and a terrible fire broke out in the razor-fuel export terminal. Apart from this, the acting governor of the area said that the fire in Russia’s Novoshakhtinsk refinery was burning for the fourth day on Sunday due to the Ukrainian drone attack. This refinery sells fuel for most of the exports and processes 5 million metric tons of oil or about 1 lakh barrels daily every year.
Why are the prices rising
In media reports, IG Market analyst Tony Sycamore said that seeing the way Ukraine is targeting Russia’s oil facilities. The risk in crude oil prices is increasing. At the same time, US Vice President JD Vance said that Russia on Sunday has given big concessions to find a solution from Ukraine in the war. In the show of NBC’s “Meat the Press with Cryston Velkar”, Vance said that Russia has accepted that he cannot bring a government of his choice in Kiev, which was his great demand earlier. Also, he has accepted the matter of giving some guarantee for the protection of Ukraine land.
However, US President Donald Trump again threatened on Friday that if there was no progress towards peace in Ukraine in two weeks, he would impose restrictions on Russia. On the other hand, Federal Reserve Chairman Jerome Powell on Friday indicated that the US Central Bank meeting may be cut in interest rates next month, which has encouraged investors to take risks.