WTI Crude Continues to Close in the Plus Range

Crude oil futures closed higher on Wednesday (Feb. 23) on forecasts that global crude supplies will be hit by Russian sanctions.

• WTI crude futures were up 19 cents, or 0.2%, at $92.10 a barrel.
• BRENT crude futures settled at $96.84 a barrel.

The crisis in Ukraine continues to be closely followed by investors. It has been reported that Russia has begun evacuating officials from its embassy in Kiev. In addition, Russian officials have also removed the national flag from the Russian Embassy in Kiev.

The evacuation of Russian diplomatic personnel came after Ukraine declared a 30-day state of emergency and called up military reserves to defend against attacks from Russia.

The United States, the European Union, the United Kingdom, Australia, Canada, and Japan have taken countermeasures against Russia by imposing sanctions on some banks and billionaires.

Meanwhile, Germany has temporarily suspended approval for the Nord Stream 2 natural gas pipeline project.

Investors are also watching the progress of negotiations on the nuclear agreement with Iran as well as on the release of U.S. crude oil inventories by the EIA today.

The Spot Market is Open

Thursday, February 24, 2023

Energy Updated at	USD Price	Change	%Change
Crude Oil 09.25	93.37	+1.27	1.38%

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