U.S. oil prices soar Sunday, briefly punching above $130; Russia oil ban mulled
Values for U.S. oil soared Sunday evening, driving prices above $125 a barrel in electronic trade...
Values for U.S. oil soared Sunday evening, driving prices above $125 a barrel in electronic trade as discussions about a ban on Russian oil heated up.
Secretary of State Antony Blinken said Sunday the U.S. was considering an embargo of Russian oil imports “in coordination” with European and NATO allies in response to Moscow’s unprovoked invasion of Ukraine.
U.S. oil in electronic trade CL00, 7.95% was up $10.76, or around 9.3%, at $126.34 a barrel Sunday evening after April West Texas Intermediate crude futures CLJ22, 7.95%CL.1, 7.94% on the New York Mercantile Exchange marked its highest weekly gain on record, up 26.3%, based on data going back to 1983. At its peak on Sunday, oil hit an intrasession high of $130.50 before pulling back, according to FactSet.
International benchmark Brent crude BRN00, 8.83% adding $10.67, or 9.1%, at $128.83 a barrel, following a 25.5% weekly rise for May Brent BRNK22, 8.83%, also marking the strongest such percentage advance over a week on record, based on records going back to January 1991. Brent touched a Sunday peak of $139.13.
Oil forecast: Brent could rise to $125 per barrel on Monday
Last week, the Brent benchmark rose 21% to close at $118.11 a barrel and U.S. crude...
Last week, the Brent benchmark rose 21% to close at $118.11 a barrel and U.S. crude gained 26% to close at $115.68, levels not seen 2013 and 2008, respectively, as Russia struggled to sell oil amid fresh sanctions. read more
"Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank.
Sen said Brent could rise to $125 per barrel on Monday, quickly approaching an all-time high of $147, last seen in 2008.
Analysts from JP Morgan said this week oil could soar to $185 per barrel this year.
Average price of a gallon of gasoline hit $4.009 on Sunday
In the United States, meanwhile, the average price of a gallon of gasoline hit $4.009 on Sunday,...
In the United States, meanwhile, the average price of a gallon of gasoline hit $4.009 on Sunday, according to AAA, an automobile association, which is the highest since July 2008. Consumers are paying 40 cents more than a week ago, and 57 cents more than a month ago. read more
