May 17, 2022

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Oil rises in stagnant Russian-Ukrainian talks

Oil prices continued to rise on Friday, ending a volatile third week, with little progress in peace talks between Russia and Ukraine.

This has raised fears of severe sanctions and prolonged oil supply disruptions.

Brent crude futures rose $ 2.43 or 2.3 percent a barrel to 0141 GMT after rising nearly 9 percent on Thursday, the biggest percentage increase since mid-2020.

West Texas Intermediate crude rose 8 percent to $ 2.75 or 2.7 percent to $ 105.73 a barrel yesterday.

But despite the recovery, the two major deals are heading towards the end of the week with a decline of about four per cent. Prices hit a 14-year low two weeks ago.Russian President Vladimir Putin, in a strong speech on Thursday, condemned the “traitors and impurity” that aided Western nations and said the Russian people would spit. They, like mosquitoes, increase market tension.

Justin Smirk, chief economist at Westback in Sydney, said: “I expect more volatility and a lot more uncertainty.

Sanctions against Russia, the suspension of nuclear talks with Iran, the depletion of oil reserves and fears that demand could be affected by rising corona virus cases in China have been volatile throughout the week.

Analysts say the Kremlin’s spokesman said President Vladimir Putin’s speech, a report that said there had been significant progress in the peace talks, was false and that US President Joe Biden’s calling his Russian ally a “war criminal” had led to a buyout wave on Thursday.

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