[Epoch Times, February 26, 2022](The Epoch Times reporter Zhang Yujie compiled and reported) On the first day of Russia’s full-scale invasion of Ukraine (February 24), the international crude oil price once rose above the level of hundreds of dollars per barrel in 2014, and appeared on the 25th. fall back. The United States is considering once again coordinating with other countries to release crude oil reserves.
Brent crude futures, the international benchmark, surged as high as $105.08 a barrel on the day Russia declared war on Ukraine, before falling back to $97.93.
U.S. West Texas Intermediate crude futures rose as high as $99.88 a barrel and are currently at $93.13.
Judging from the situation this week, Brent crude oil rose 4.7% for the week, and West Texas Intermediate crude oil rose 0.6% for the week.
On the 24th, Russia announced a full-scale invasion of Ukraine, and international crude oil prices soared above the 2014 level for the first time in nearly eight years.
Russia’s invasion of Ukraine was the largest military attack in Europe since World War II. On Friday (25th), Russia launched a missile attack on the Ukrainian capital Kiev.
U.S. President Biden announced sanctions on Russia on the 24th, including restrictions on Russia’s commercial activities in major currencies, as well as sanctions on Russian banks and state-owned enterprises. The United Kingdom, Japan, Canada, Australia and the European Union have also announced sanctions one after another, including Germany’s suspension of approvals for the Nord Stream 2, a natural gas pipeline from Russia to Germany via the seabed of the Baltic Sea.
Russia is the world‘s third largest crude oil producer and second largest crude oil exporter. U.S. President Joe Biden said the U.S. is working hard to cooperate with other countries to release crude oil reserves.
OPEC will release an additional 400,000 barrels per day (bpd) of crude in April, OPEC and sources told Reuters.
Responsible editor: Ye Ziwei#