Russia has amassed thousands of troops on Ukraine’s border, stoking fears of an invasion. Energy market prices rose on concerns that Russian gas supplies to Europe could be disrupted. The country is also one of the world’s largest oil exporters.
Secretary of State Anthony Blinken said the United States will ensure that the world’s energy supply is not disrupted if Russia takes action.
US President Joe Biden said Tuesday that he would consider personal sanctions against President Vladimir Putin if Russia invades Ukraine.
It is also worth remembering that Yemen’s Houthi movement launched a missile attack on a base in the United Arab Emirates on Monday.
“Anxiety over possible supply disruptions in the Middle East and Russia is providing bullish fodder for the oil market”said Stephen Brennock of oil brokerage PVM.
Against this backdrop, US oil and gasoline inventories grew, while distillate inventories fell, the government’s Energy Information Administration (EIA) said on Wednesday.
In another key factor, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, meet on February 2 to consider another increase in production.
OPEC+ has been gradually lifting record 2020 production cuts, raising its monthly target by 400,000 barrels a day, though the actual increase in supply has fallen short of that.
Source From: Ambito
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