Oil extended gains as U.S. and other major economies agreed on a coordinated release of oil stockpiles after Russia’s invasion of Ukraine, according to people familiar with the matter.
Futures in New York climbed as much as 8%, trading above $103. Brent futures surged to above $105 a barrel. The International Energy Agency, which represents key industrialized consumers including Japan and Germany, agreed to deploy 60 million barrels from stockpiles around the world. Meanwhile, the European Union is discussing the exclusion of seven Russian banks from the SWIFT messaging system, including VTB Bank PJSC, in the latest list of financial penalties against Russia.
“You are looking at losing 5 million barrels of Russian exports,” said Bob Yawger, director of the futures division at Mizuho Securities USA. The coordinated strategic reserves “doesn’t compete with that. The market can’t afford to lose Russia’s barrels.”
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