empty
 
 

2023.03.2719:09:00UTC+00Oil Futures Settle Sharply Higher On Supply Concerns

Crude oil prices climbed higher on Monday amid concerns about oil supply after Russian President Vladmir Putin said he will station tactical nuclear weapons in neighbor and ally Belarus, and Iraq halted some of its crude exports from Kursistan region.

"Russia's nuclear rhetoric is dangerous and irresponsible," NATO spokeswoman Oana Lungescu said on Sunday.

News that First Citizens BancShares Inc. will buy all deposits and loans of Silicon Valley Bridge Bank, and the U.S. Financial Stability Oversight Council's remarks that the U.S. banking system was "sound and resilient", lifted sentiment in global markets.

West Texas Intermediate Crude oil futures for May ended higher by $3.55 or about 5.1% at $72.81 a barrel.

Brent crude futures were up $3.03 or 4.06% at $77.62 a barrel a little while ago.

Iraq's decision to halt exports from Kurdistan resulted in a loss of 450,000 barrels per day, or about half a percent of global oil supply.

Optimism about an increase in China's crude imports this year contributed as well to the rise in oil prices.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback