Oil Reached $ 113 A Barrel OPEC Increased Supplies

Today, Wednesday, oil prices recorded a new rise, as the price of Brent crude reached the threshold of 113 dollars a barrel, while the price of West Texas Intermediate crude jumped by more than seven percent, due to the growing concerns over oil supplies due to the Russian military operation in Ukraine.

The price of Brent crude futures rose by 6.5% to reach $113, while the price of West Texas Intermediate crude futures increased by 7.42% to reach $110.2, bringing it to the highest level since 2013.

It is noteworthy that Russian supplies are about 40 percent of European gas needs, while about 2.3 million barrels of Russian crude head west every day through a network of pipelines.

With Russia being one of the world’s largest oil producers, Brent crude futures rose $4.51, or 4.6 percent, to $102.75 a barrel, a value just below a seven-year high of $105.79, after the start of military operations in Ukraine. .

It is noteworthy that natural gas prices in Europe are also about 15%, and oil and gas prices have risen by almost 60% since fears of an invasion of Ukraine began to escalate in November.

 

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Oil Reached $ 113 A Barrel OPEC Increased Supplies - /10

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Today, Wednesday, oil prices recorded a new rise, as the price of Brent crude reached the threshold of 113 dollars a barrel, while the price of West Texas Intermediate crude jumped by more than seven percent, due to the growing concerns over oil supplies due to the Russian military operation in Ukraine.

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