Oil Hits $110 for the First Time Since May
Traders priced in tighter supply as Middle East tensions and attacks on Russian refineries pushed Brent to $110, while the International Energy Agency released more fuel.
- On Friday, Brent crude oil spiked above $109 per barrel, reaching its highest level since mid-September. The global benchmark rose 3.7%, notching a second straight weekly gain as bullish sentiment crystallized amid reports of ongoing conflict in major export centers.
- Escalating military tensions in the Middle East and the Russia-Ukraine war continue to disrupt global energy supplies. Supply concerns intensified as attacks on regional infrastructure surged in recent weeks, constraining available crude and refined products.
- U.S. West Texas Intermediate crude futures rose 2.8% to $100.67, crossing $100 for the first time since September 21. New York diesel settled at $4.90 a gallon, reflecting tightened market supply conditions.
- President Donald Trump eased U.S. sanctions on Russia this month to facilitate a diesel deal, yet lawmakers introduced legislation Friday to block the arrangement. The U.S. also released 17 million emergency barrels from reserves.
- Eurasia Group analysts warned the conflict is likely to escalate, raising intensification odds to 65% from 35%. Market participants remain wary as traders price risk back in ahead of the weekend.
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Oil Prices Are Back Above $100. History Says the Biggest Stock Market Loser May Now Offer the Biggest Upside.
Key PointsEnergy has easily been the biggest winner this year on the heels of soaring oil prices.But it's looking as if that sector might be peaking.One inflation-ravaged sector looks like a potential winner when inflation comes back down.10 stocks we like better than Select Sector SPDR Trust - State Street Consumer Discretionary Select Sector SPDR ETF › Oil prices have spent most of the past month hovering above $100 a barrel. The big driver, o…
Oil prices rose more than 3 percent yesterday, due to doubts about the agreement between Washington and Moscow for diesel purchases. Brent gained $3.94 to 109.86, after reaching $110 for the first time since May. The American West Texas Intermediate (WTI) climbed $3.44 to 101.41, the biggest gain since September. The Mexican mix totaled $2.71 to 99.16 a barrel; in the week it accumulated an increase of 4.68 percent.
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