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Around 12:30 p.m., a barrel of Brent from the North Sea for delivery in July took 1.32% to 110.55 dollars.
A barrel of US West Texas Intermediate (WTI) for delivery in June gleaned 0.51% to 110.15 dollars.
Despite several sessions of decline, oil prices are moving at high levels above $110 a barrel.
“This suggests that neither the possible easing of US sanctions on Venezuela, nor the EU’s inability to overcome Hungary’s reluctance to boycott Russian oil, nor Turkey’s veto Sweden’s and Finland’s NATO membership raise immediate concerns about increased supplies,” said Tamas Varga, analyst at PVM Energy.
Turkey has indeed showered the hopes of Finland and Sweden, refusing Wednesday the opening of talks to join the Alliance, AFP learned from diplomatic sources.
The Turkish blockade deprives Finland and Sweden of the protection provided by NATO to all its members in the event of aggression.
For its part, the European Union is still struggling to impose an embargo on Russian hydrocarbons, facing resistance from Hungary, which is particularly dependent on Russian oil.
The Russian invasion of Ukraine has had a “profound impact on both sides of the oil equation,” says Tamas Varga.
The conflict has caused a surge in commodity prices, including oil, which has exacerbated inflation and is now weighing on demand prospects.
“Oil production, meanwhile, is clearly suffering from the financial sanctions imposed on Russia,” Mr. Varga continues.
Craig Erlam, analyst for Oanda, expects “Brent and WTI to remain very high for the near future, boosted by the inability of OPEC” (Organization of the Petroleum Exporting Countries and their allies) to reach its production targets and the reopening of China”.
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Around 12:30 p.m., a barrel of Brent from the North Sea for delivery in July took 1.32% to 110.55 dollars.
A barrel of US West Texas Intermediate (WTI) for delivery in June gleaned 0.51% to 110.15 dollars.
Despite several sessions of decline, oil prices are moving at high levels above $110 a barrel.
“This suggests that neither the possible easing of US sanctions on Venezuela, nor the EU’s inability to overcome Hungary’s reluctance to boycott Russian oil, nor Turkey’s veto Sweden’s and Finland’s NATO membership raise immediate concerns about increased supplies,” said Tamas Varga, analyst at PVM Energy.
Turkey has indeed showered the hopes of Finland and Sweden, refusing Wednesday the opening of talks to join the Alliance, AFP learned from diplomatic sources.
The Turkish blockade deprives Finland and Sweden of the protection provided by NATO to all its members in the event of aggression.
For its part, the European Union is still struggling to impose an embargo on Russian hydrocarbons, facing resistance from Hungary, which is particularly dependent on Russian oil.
The Russian invasion of Ukraine has had a “profound impact on both sides of the oil equation,” says Tamas Varga.
The conflict has caused a surge in commodity prices, including oil, which has exacerbated inflation and is now weighing on demand prospects.
“Oil production, meanwhile, is clearly suffering from the financial sanctions imposed on Russia,” Mr. Varga continues.
Craig Erlam, analyst for Oanda, expects “Brent and WTI to remain very high for the near future, boosted by the inability of OPEC” (Organization of the Petroleum Exporting Countries and their allies) to reach its production targets and the reopening of China”.
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