Oil prices have climbed to an 8-year high over the past weeks, supported by mounting geopolitical tensions. Crude oil climbed above $97 per barrel on Wednesday, while WTI reached above $95 per barrel but oil prices retreated later in the day. Oil prices may reach a three-digit price soon, as economic and trade sanctions against Russia threaten to create an energy crisis.
The US President, Joe Biden, announced on Tuesday the "first tranche" of measures against Russia, which aim to deliver a hard blow on the country’s economy, including sanctions on Russia's foreign debt so that the country can no longer raise money for its state financing. The US has so far avoided imposing sanctions on Russia’s gas and oil exports though, checking the ascend of oil prices.
The EU foreign policy chief Josep Borrell stated that EU members states have unanimously agreed upon a package of new sanctions against Russia. More importantly, Germany has suspended the approval of the Nord Stream 2 pipeline, a move that may cause an energy crisis in Europe, which depends on Russia for approximately 40% of its gas and send the prices of energy-related assets even higher.
The price of oil has been increasing over the past months, as existing international inventories are tight and supply is trying to catch up with rising demand. There are reports, however, that Iran could add 900,000 barrels a day in the future if a deal with the US is struck over its nuclear program. The reported progress on the Iran nuclear deal has put pressure on the price of oil, counterbalancing the effects of the crisis in Ukraine.
Oil price traded above $95 per barrel early on Wednesday, testing the $95.8 per barrel resistance level but withdrew to approximately $93 per barrel later in the day. WTI is still trading in an uptrend, but in case the uptrend is reversed, support may be found near $88.5 per barrel and further down around $82.4 per barrel. US oil inventories are scheduled to be released on Thursday and may cause volatility in the price of oil.
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
Written by:
Myrsini Giannouli
presença na indústria como Provedor de Liquidez
e execução confiável
fundos de clientes
suporte ao cliente
Preencha o formulário de registro
e clique em
'Criar conta'.
Depois de estar na segurança de sua área de cliente, prossiga em fazer o upload de sua prova de identidade e prova de residência.
Quando sua conta real é aprovada, você pode depositar fundos e começar a negociar em sua plataforma escolhida!
O site que está agora a visualizar é operado pela TopFX Global Ltd, uma entidade regulada pela Financial Services Authority (FSA) das Seicheles com uma Licença de Negociante de Títulos N.º SD037 que não está estabelecida na União Europeia ou regulada por uma Autoridade Nacional Competente da UE.
Se desejar prosseguir, queira confirmar que a sua decisão será por sua iniciativa exclusiva e que nenhuma solicitação foi feita pela TopFX ou por qualquer outra entidade dentro do Grupo.
Não mostrar esta mensagem novamente
O site TopFX usa cookies para otimizar a experiência do usuário.
Esses cookies se enquadram nas seguintes categorias: cookies essenciais, funcionais e de marketing. Os cookies de marketing também podem incluir cookies de terceiros.
Você pode personalizar sua seleção de quais cookies deseja aceitar.
Esses cookies são necessários para que o site funcione corretamente e não pode ser desligado.
Os cookies funcionais permitem que o site se lembre das preferências dos usuários e as opções que você faz no site, como nome de usuário, região e idioma.
Esses cookies são usados para rastrear visitantes em nossos sites e mostrar anúncios mais relevantes. Os cookies de marketing também incluem cookies de terceiros da Partners. Para obter mais informações relacionadas à proteção e coleta de dados, consulte nossa Política de Privacidade e Divulgação de Cookies.