Brent crude futures rose 96 cents to $73.77 as of 1017 GMT, while U.S. West Texas Intermediate crude futures were up 99 cents to $69.74
Oil prices rose on Thursday as Russia and Ukraine launched missiles at each other, overshadowing the impact of a bigger-than-expected increase in U.S. crude inventories.
Kyiv’s air force said Russia responded Thursday morning, launching an intercontinental ballistic missile at Ukraine, the first time Moscow has used such a powerful, long-range missile during the war. “For oil, the risk is if Ukraine targets Russian energy infrastructure, while the other risk is uncertainty over how Russia responds to these attacks,” said ING analysts in a note.
The production group, which combines the Organization of Petroleum Exporting Countries and allies like Russia, pumps around half the world’s oil. It had initially planned to gradually reverse production cuts from late 2024 and through 2025.
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 prices tick higher as Russia-Ukraine tensions escalateBrent crude futures were up 55 cents to $71.59 a barrel at 0954 GMT, while U.S. West Texas Intermediate crude futures rose 43 cents to $67.45
Read more »
Stocks edge higher, oil prices fall as markets eye Russia-Ukraine tensions, White House appointmentsThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Premarket: Global stocks sputter as Nvidia’s growth slows, bitcoin hits new highRussia-Ukraine concerns lift gold, oil
Read more »
Ontario fines Imperial Oil $900,000 for 2021 slop oil spill at Sarnia siteImperial pleaded guilty under the Environmental Protection Act in a provincial court on Sept. 16, a spokesperson said, for an occurrence on April 15, 2021, where nearly 1,150 litres of slop oil was discharged
Read more »
US confirms North Korea has sent 3,000 troops to Russia for training and possible Ukraine combatWASHINGTON (AP) — The U.S. said Wednesday that 3,000 North Korean troops have deployed to Russia and are training at several locations, calling the move very serious and warning that those forces will be “fair game” if they go into combat in Ukraine.
Read more »
Biden allows Ukraine to use U.S.-supplied missiles in RussiaUkraine plans to conduct its first long-range attacks in the coming days, sources said, without revealing details due to operational security concerns.
Read more »