AFP: Oil rockets to $113, gas hits record on Ukraine conflict
Oil prices soared Wednesday above $113 per barrel and natural gas spiked to a record peak, as investors fretted over key producer Russia's intensifying assault on Ukraine.
European benchmark Brent North Sea oil struck $113.02 per barrel, the highest level since 2014, while New York-traded WTI hit a 2013 peak at $111.50.
Later Wednesday, traders will digest a meeting of OPEC and other major producers, including Russia, who will discuss whether to ramp up output to temper spiking prices that fan inflation.
President Joe Biden said that the United States would join a 30-country deal to release 60 million oil barrels to help temper the surge in crude prices, though analysts have warned such moves would have a limited impact.
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WNU Editor: This is a sobering read .... World Bank: There Will Be Alternatives To Russian Gas In Five Years (OilPrice.com)
Update: Europeans are being warned .... Europe's Depleted Gas Storage Might Not Get Refilled Ahead Of Next Winter (Zero Hedge).
Update #2: Expect sky-high prices for 5 years .... World Bank: There Will Be Alternatives To Russian Gas In Five Years (OilPrice.com).
Update #3: It is too late .... Germany Goes For Full Energy Policy Overhaul Amid Ukraine Crisis (OilPrice.com).
Global Oil Prices Soar As The Ukraine War Escalates
Oil jumps to highest since 2011 as OPEC holds output steady despite Russia’s war on Ukraine -- CNBC
Oil Spikes To $112 As Russian Crude Becomes Toxic -- OilPrice.com
Oil marches higher, with few paths seen to alleviate Russian supply disruption -- Reuters
Oil soars to $110 as European energy companies shun Russian crude -- Financial Times
OPEC holds oil output steady amid high prices, Russian war -- AP
$100+ oil is the new reality after Russia's Ukraine invasion -- Axios