Oil prices moved higher as investors weighed up the possibility of an even more protracted war in Ukraine after Russia's president announced a partial draft.
Oil prices climbed on Wednesday, after Russian President Vladimir Putin announced a partial draft of citizens, in a sign that the seven-month war in Ukraine may be escalating the pressure on global commodity supplies.
Price actionMarket drivers Oil... Oil prices climbed on Wednesday, after Russian President Vladimir Putin announced a partial draft of citizens, in a sign that the seven-month war in Ukraine may be escalating the pressure on global commodity supplies. Price action Market drivers Oil prices rebounded a day after hitting two-week lows after the Russian president early on Wednesday announced the ordering up of 300,000 reservists, and vowed to use all means necessary to defend territories, adding that this was “not a bluff.”
“In the best case this makes any peace deal that much more of a distant prospect, considering that Ukraine won’t give up any of these lands and Russia will certainly not cease its claim on the territory after it has been strengthened by a ‘popular vote’,” said Bas van Geffen, senior macro strategist at Rabobank, in a note to clients on Wednesday.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil price drop endangers plan to fund Alaska schools a year earlyNorth Slope oil prices are expected to run well below spring predictions, endangering a bonus year of K-12 school funding approved by Gov. Mike Dunleavy and state legislators.
Read more »
This Supplement Benefits Heart, Immune & Joint Health, According To RDsWhat is fish oil, exactly—and who should consider it? Here's what you need to know. 🐟
Read more »
Saudi Arabia's July crude oil exports rise to over 2-year peakTop oil exporter Saudi Arabia's July crude oil exports gained for a second-straight month to their highest in more than two years, data from the Joint Organisation Data Initiative (JODI) showed on Monday.
Read more »
Congress examines claims oil companies harassing climate activistsCongress is looking at allegations oil companies are harassing environmental activists...
Read more »
All eyes on the Fed as oil markets gauge economyThe expected increase in lending rates when Federal Reserve policy makers meet this will...
Read more »
Why the current oil boom for Arab states may be their lastThe oil boom brought about by the Ukraine war has made energy-rich Middle Eastern countries extraordinarily wealthy once again. But experts warn that it may be the last such upswing.
Read more »