OP: WTI hits $100 as sanctions weigh on Russian oil flows

Photo 12605783 © Wenbin Yu - Dreamstime.com

Oilprice.com reports:

Crude oil’s rally continued unabated today even after the United States and several of its international allies said they may release oil from their reserves in response to the high prices.

Reuters reported that the United States and its allies were discussing the coordinated release of between 60 and 70 million barrels of crude in response to the latest moves in oil prices, which were prompted by fears of supply disruption after the Russian invasion of Ukraine.

Russia’s crude oil exports average 4 to 5 million barrels daily, plus another 2 to 3 million barrels daily of oil products. These flows, however, have been disrupted after the West slammed a barrage of sanctions on Moscow, including suspending several banks from the SWIFT international system.

The sanctions have sent commodity traders reeling, with some buyers shunning Russian oil, Reuters reported, and others finding it difficult to pay for the cargo and find tankers to transport them. Meanwhile, the UK has closed its ports to all Russian or Russia-related vessels, the report also said…

To read the full story, please click here.

More here: “WTI crude oil tops $100, highest since 2014“.

And here: “Oil Rallies To New Highs After IEA Reports (Another) Global Reserve Release“.