Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent rose to $131 per barrel amid US ban on imports from Russia


March, 09 2022
watermark Economic news

On Wednesday morning, oil prices accelerated their growth after the White House administration announced that the United States had banned the import of energy resources from Russia amid the military conflict in Ukraine. The ban applies to oil, gas and energy. 


As a result, the price of a barrel of Brent jumped to $131.60 at the moment. North American WTI oil rose to $126.80 per barrel. The current price of Brent is $125.13 per barrel, the price of WTI is $120.77.


According to analysts, during 2021, the United States imported about 672 thousand barrels of oil and petroleum products per day from Russia, which is about 8% of the total volume.


Earlier, the UK authorities also announced restrictions on the purchase of Russian oil and set a goal to abandon energy resources from Russia by the end of this year. The European Union has also published a plan to get rid of energy dependence on Moscow – by the end of the year, the EU intends to reduce gas consumption from Russia by two-thirds. 


It is worth noting that against the background of the adopted restrictions, fuel prices at gas stations in the United States have jumped to record values since 2008. On Tuesday, the average price of gasoline reached $4.173 per gallon.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.