Global Oil Prices Soar As The Ukraine War Escalates

 

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. 

Read more ....  

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

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