The price of oil has reached the highest level in recent years

The price of oil has reached the highest level in recent years

On 14-02-2022, in Europe, amid concerns about a possible Russian attack on Ukraine, a record level of oil prices was reached.

Thus, Brent crude oil was priced up 55 cents to $ 94.99 a barrel after reaching its highest level in October 2014, $ 96.16 per barrel.

The West Texas Intermediate (WTI) crude oil price was said to have risen by 85 cents to $ 93.95 a barrel after hitting $ 94.94, the highest since September 2014.

Currently, the United States’ worries about an imminent Russian attack on Ukraine have led to the shaking of world financial markets.

Russia could invade Ukraine at any time and create a surprise pretext for an attack, the United States said on Sunday.

Moscow, for its part, has deployed more than 100,000 troops near Ukraine’s borders, but denies plans to invade the country and has accused the West of hysteria.

However, the oil market calmed down shortly after Ukrainian Ambassador Vadim Pristaiko said Ukraine was ready to make some concessions to Russia. However, prices resumed their upward momentum shortly afterwards.

In his opinion, “Despite the fact that we have discussed several negotiations, the market is not at all convinced that the conflict between Russia and Ukraine has calmed down,” said Phil Flynn, an analyst at Price Futures Group.

Globally, Russia is one of the world’s largest oil producers, with a capacity of about 11.2 million barrels per day, said Nishant Bhushan, chief oil market analyst for Rystad Energy.

He also said that “any disruption in oil flows in the region would lead to a sharp rise in Brent and WTI oil prices by well over $ 100, in a market that is struggling to meet rising crude oil demand as economies are recovering from the pandemic, ”Bhushan said.