Crude Oil Prices Rise Short Term Above $100 After Russia Movement

Crude oil contracts pushed higher Thursday (Feb. 24) following reports that Russia is using military operations to invade Ukraine. The news caused WTI oil prices to rise above $100 during the day.

  • WTI crude oil contracts increased by 71 cents or 0.8%. Closed at 92.81 dollars per barrel
  • Brent crude oil contract increased by 2.24 dollars or 2.3%. Closed at 99.08 dollars per barrel.

Crude oil contracts are rising after reports that Russia has invaded Ukraine, both by sea and by air, making it the largest invasion of a country in Europe since World War II. The latest report states that Russian soldiers may seize the Chernobyl nuclear power plant in Ukraine.

The Energy Information Administration (EIA) reported that U.S. crude oil inventories rose by 4.5 million barrels last week.

The American Petroleum Institute (API) had previously reported that U.S. crude oil inventories rose by 6 million barrels last week.

The Spot Market is Open

Friday, February 25, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
08.15

95.00

+2.19

2.36%

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