Oil rallies toward $89 with focus on stockpile draw, Russia-Ukraine tension



By Alex Lawler


LONDON (Reuters) -Oil rose towards $89 a barrel on Wednesday, within sight of a seven-year high, supported by tight supply and geopolitical tensions in Europe and the Middle East that raise concerns about further disruption.





U.S. President Joe Biden said on Tuesday he would consider personal sanctions on President Vladimir Putin if invades On Monday, Yemen’s Houthi movement launched a missile attack on a United Arab Emirates base.


“Anxiety over potential supply disruptions in the Middle East and is providing bullish fodder for the oil market,” said Stephen Brennock of oil broker PVM.


Brent crude rose 61 cents, or 0.7%, to $88.81 at 0917 GMT. On Jan. 20 it reached $89.50, the highest since October 2014.


U.S. West Texas Intermediate (WTI) crude was up 25 cents, or 0.3%, to $85.85.


“The market downside is limited due to heightened tensions between and and the threat to infrastructure in the UAE,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.


Underlining a tight supply and demand balance, the weekly U.S. inventory report from the American Petroleum Institute on Tuesday showed crude stocks fell by 872,000 barrels, market sources said. [API/S]


The official Energy Information Administration (EIA) supply report is due at 1530 GMT.[EIA/S]


Investors across the are also awaiting the update at 19000 GMT from the U.S. Federal Reserve. The Fed is expected to signal plans to raise interest rates in March as it focuses on fighting inflation.


In another key development, the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meets on Feb. 2 to consider another output increase.

See also  Market LIVE: Sensex rises 200 pts, Nifty near 16,650; Metals, PSBs rally


OPEC+ has been gradually unwinding 2020’s record output cuts, raising its monthly target by 400,000 barrels per day, though the actual increase in supply has fallen short of that as some countries struggle to raise production.


(Reporting by Yuka Obayashi; editing by Michaael Perry and Jason Neely)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

See also  Oil rises near seven-year high as OPEC+ sticks to output plan amid pressure

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

© 2022, Admin. All rights reserved.

istanbul escort aksaray escort arnavutköy escort ataköy escort avcılar escort avcılar türbanlı escort avrupa yakası escort bağcılar escort bahçelievler escort bahçeşehir escort bakırköy escort başakşehir escort bayrampaşa escort beşiktaş escort beykent escort beylikdüzü escort beylikdüzü türbanlı escort beyoğlu escort büyükçekmece escort cevizlibağ escort çapa escort çatalca escort esenler escort esenyurt escort esenyurt türbanlı escort etiler escort eyüp escort fatih escort fındıkzade escort florya escort gaziosmanpaşa escort güneşli escort güngören escort halkalı escort ikitelli escort istanbul escort kağıthane escort kayaşehir escort küçükçekmece escort mecidiyeköy escort merter escort nişantaşı escort sarıyer escort sefaköy escort silivri escort sultangazi escort suriyeli escort şirinevler escort şişli escort taksim escort topkapı escort yenibosna escort zeytinburnu escort porno 1080p porno izle 4k porno izle 720p porno izle abella danger alman alman porno alman porno izle aloha tube porno amatör amatör porno amatör porno izle anal anal porno anal porno izle arap porno asa akira porno asyalı porno bangbros porno bangbros porno izle banyoda sikis başörtülü porno beeg porno izle beyaz tenli porno izle biseksuel porno izle bisexsuel porno brandi love porno brazzers brazzers porno izle canli porno canli porno izle çinli porno çinli porno izle ensest porno ensest porno izle ensest seks erotik porno erotik porno izle esmer porno esmer porno izle etek altı fake agent fake taxi fake taxi porno fantazi pornoları fantezi porno izle fetiş porno fetiş porno izle fetish fransız porno fransız porno izle full hd hg porno izle gangbang porno genç kız porno izle genç kız sikişi genç teen porno izle gizli çekim porno gizli çekim pornosu grup pornosu grup porno grup porno izle hd pornolar hd porno hd porno izle hemşire porno hemşire pornosu hizmetçi porno hizmetçi porno izle ingiliz porno japon pornoları japon porno kızlık bozma kızlık bozma porno izle konulu porno konulu porno izle koreli porno köylü pornoları kumral porno kumral porno izle latin pornoları latin porno latin porno izle lezbiyen pornoları lezbiyen porno lezbiyen porno izle lisa ann porno liseli pornoları liseli porno liseli porno izle manken porno manken porno izle masaj porno izle masturbasyon porno izle masturbasyon pornoları mature porno mia khalifa porno mia malkova porno milf porno izle mobil porno mobil porno izle öğrenci porno izle öğretmen porno izle okul porno izle olgun kadın pornosu olgun porno oral porno oral porno izle oral seks porna izle pornhub pornhub porno izle porno film izle porno indir porno izle porno resimler porno star porntube porno izle redtube redtube pornoları riley reid porno rokettube rus pornoları rus porno rus porno izle sakso blowjob porno izle sarışın pornoları sarışın porno sarışın porno izle sarışın pornoları sekreter porno shemale sikiş sikiş sikiş izle şişman porno siyahi pornoları suriyeli pornoları swinger porno tecavüz porno teen porn türbanlı pornoları türbanlı porno türk pornoları türk porno türk porno izle türkçe altyazılı porno türkçe altyazılı porno izle xhamster pornoları xhamster porno xhamster porno izle xnxx xnxx porno xnxx porno izle xvideos xvideos porno izle yaşlı porno yeşilçam porno izle youjizz youporn youporn porno izle zenci porno güvenilir bahis siteleri bahis siteleri casino deneme bonusu casino siteleri deneme bonusu para yatırma bonusu bahis siteleri casino siteleribahis sitesi para yatırma