Brent Closes Above $100 – No Agreement Yet Between Russia and Ukraine

Crude oil futures rose Wednesday (Feb. 28) as tensions between Russia and Ukraine have yet to ease. Investors are concerned that the sanctions imposed by the U.S. and the West against Russian banks will affect energy exports to the market.

  • WTI crude futures rose $4.13, or 4.5%, at $95.72 a barrel.
  • BRENT crude futures rose $3.06, or 3.1%, to close at $100.99 a barrel.

Russia is likely facing a slump in exports of all kinds of commodities. From oil to grain after the United States and the West announced sanctions against Russia.

The U.S. not only excluded some Russian banks from the SWIFT system but also announced a freeze on the Russian Central Bank’s assets and banned Americans from doing business with the Russian Central Bank.

The Russian and Ukrainian delegations held direct talks yesterday in an attempt to resolve the conflict. However, a mutual ceasefire agreement could not be reached yet. The next round of talks will take place in the coming days on the Belarusian-Polish border.

Investors are also waiting for the OPEC+ meeting on March 2, which will set production policy for April, as well as progress in negotiations on the nuclear agreement with Iran.

The Spot Market is Open

Tuesday, March 1, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.30

96.50

+0.78

0.81%

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