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Monday, May 23, 2022

Oil price, moment by moment, a barrel rises to 110 dollars

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Oil prices rose $3 on Monday, with Brent crude above $110 a barrel.

As European Union countries consider joining the United States in imposing an embargo on Russian oil, an attack on Saudi oil facilities on Sunday sparked tensions.

Brent crude futures were up $3.44, or 3.2 percent, at $111.37 a barrel by 0443 GMT, adding to last Friday’s 1.2 percent gain.

US crude oil is rising

US West Texas Intermediate crude futures rose $3.54, or 3.4 percent, to $108.24, to continue to rise 1.7 percent last Friday.

Prices rose ahead of talks this week between European Union governments and US President Joe Biden in a series of summits aimed at bolstering the West’s response to Moscow over its invasion of Ukraine.

European Union governments will consider whether to impose an oil embargo on Russia.

Ukraine’s Deputy Prime Minister Irina Vereshchuk said Monday morning there was no chance troops would surrender in the besieged eastern port city of Mariupol.

The focus has returned to whether the market will be able to offset Russian oil production, which has been hit by sanctions, with little sign of the conflict abating.

“Even if the Ukraine war ends tomorrow, the world will face a structural energy deficit due to sanctions against Russia,” Jeffrey Haley, chief analyst at OANDA, said in a note.

The latest report issued by the OPEC+ group showed that the production of some countries had not yet reached the agreed level of their production quotas.

Three sources told Reuters that OPEC+ fell short of its production target level of more than 1 million barrels a day in February, under its agreement to increase output by 400,000 barrels a day each month.

The war in Ukraine… There is no chance of surrender

Prices also rose after Ukraine’s Deputy Prime Minister Irina Vereshchuk said Monday morning there was no chance troops would surrender in the besieged eastern port city of Mariupol.

The focus has returned to whether the market will be able to offset Russian oil production, which has been hit by sanctions, with little sign of the conflict abating.

“The market remains concerned about supply disruptions as data indicates they are already taking their toll,” the ANZ analysts said in a note.

The latest report issued by the OPEC+ group showed that the production of some countries had not yet reached the agreed level of their production quotas.

Three sources told Reuters that OPEC+ fell short of its production target level of more than 1 million barrels a day in February, under its agreement to increase output by 400,000 barrels a day each month.

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