World crude oil prices soared Wednesday as Russian soldiers expanded their invasion of...
World crude oil prices soared Wednesday as Russian soldiers expanded their invasion of Ukraine, pounding civilian and residential areas of cities and increasing the number of dead.
Global benchmark Brent crude futurespeaked at nearly $114 a barrel, then settled up $7.96 or 7.6% at $112.93 on ICE Futures Europe. It was Brent’s highest close since June 2014 as the global benchmark rose more than 15% this week.
Here in the states, West Texas Intermediate crude climbed as high as $112.51 a barrel before finishing the day up $7.19 or 7% at $110.60 a barrel on the New York Mercantile Exchange. It was the highest mark for US crude oil since May 2011.
Dow rallies nearly 600 points as investors watch Fed’s Powell and monitor Russia’s invasion of Ukraine
U.S. stock indexes finished sharply higher Wednesday, with gains gathering steam after Federal Reserve...
U.S. stock indexes finished sharply higher Wednesday, with gains gathering steam after Federal Reserve Chairman Jerome Powell outlined plans to begin dialing back the central bank’s easy-money stance to fight inflation, while playing down the prospect of a larger-than-usual increase of benchmark rates in March, in testimony on Capitol Hill.
Wall Street also monitored headlines indicating Ukraine and Russia could be headed for new negotiations, even as the conflict simmered.
The Dow Jones Industrial AverageDJIA, +1.79% rose 596.40 points, or 1.8%, ending at 33,891.35.
The S&P 500 indexSPX, +1.86% climbed 80.28 points, or 1.9%, closing at 4,386.54, as each of the broad-market benchmarks sectors advanced.
The Nasdaq Composite Index COMP, +1.62% rose 219.56 points, or 1.6%, finishing at 13,752.02, after hitting an intrasession nadir at 13,493.90.
International banking lobby has warned that it is 'extremely likely' Russia will default if the war in Ukraine escalates
A default of Russian debt is likely if the war in Ukraine escalates and steep sanctions on the...
A default of Russian debt is likely if the war in Ukraine escalates and steep sanctions on the Russian economy remain in place, according to the Institute of International Finance.
"If we stay here and this escalates, then default and restructuring is likely," Elina Ribakoba, chief economist of the global banking industry lobby group said in a media call.
The Russian economy could suffer a double-digit contraction this year, as about half of its central bank's foreign reserves are held in nations that have frozen Russian assets, she explained.
Oil Prices Spike as Russian Supply Concerns Increase amid Sanctions
Oil prices surged on March 2 as supply disruption fears mounted following hefty sanctions on Russian...
Oil prices surged on March 2 as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.
Brent crude futures rose by as much as $8 and touched as high as $113.02/bbl, the highest since June 2014, before easing to $111.75 at 0804 GMT.
WTI crude futures in the U.S. were up $7.24, or 7%, to $110.67/bbl,after earlier hitting the highest since August 2013.
Continental Resources Enters Carbon Capture Space with $250 Million Investment
Continental Resources Inc. has pledged $250 million to create the largest carbon capture and...
Continental Resources Inc. has pledged $250 million to create the largest carbon capture and sequestration (CCS) project of its kind in the world to be centered in the Williston Basin, marking the U.S. shale producer’s entrance into the burgeoning carbon capture space.
“Continental has been actively engaged in limiting our carbon footprint for decades with our pioneering work in horizontal drilling, our invention of ECO-Pad technology and industry-leading gas capture initiatives. We look forward to working with Summit Carbon Solutions to become leaders in carbon capture and sequestration,” Continental CEO Bill Berry commented in a company release on March 2.
According to the release, Continental Resources agreed to commit $250 million to Summit Carbon Solutions as part of a strategic investment to help build a new CSS project across the Midwestern U.S., which Berry said the company believes will become a model for the rest of the world.
