Posted on 03/02/2022 7:25:23 PM PST by Hojczyk
SINGAPORE (Reuters) - Oil prices extended their rally on Thursday, with Brent rising above $116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while U.S. crude stocks fell to multi-year lows.
The Organization of the Petroleum Exporting Countries and their allies including Russia have decided to maintain an increase in output by 400,000 barrels per day in March despite the price surge, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude.
Brent crude futures rallied to $116.83 a barrel, the highest since August 2013. The contract was at $116.60 a barrel, up $3.67 by 0112 GMT.
U.S. West Texas Intermediate crude was at $113.01 a barrel, up $2.41 after touching a fresh 11-year high of $113.31 a barrel.
"The White House ratcheted up pressure on Russia with the announcement that it will apply export controls targeting Russian oil refining," ANZ analysts said in a note.
(Excerpt) Read more at finance.yahoo.com ...
what will the price of gas be on Election Day….
Propogandists for the state don’t mention Biden’s EOs shutting down Keystone of course.
I was thinking today, maybe when gas hits $7 a gallon, then maybe...just MAYBE Biden will get 1/1000th of the kind of criticism by the media that Trump got every single second of every single day when he had the economy setting records.
Check out that bulging petrodollar wallet of Putin’s. There’s no room left for bullet holes in either of Biden’s feet.
Let’s Go Brandon!
I am more or less OK. Retired on my rural BOL with a 500 gallon farm tank in reserve, and I only go out to town about once a week.
But I feel for the blue-collar worker who has to commute 40 or 50 miles each way, because he can’t afford housing any closer to work. I’m already hearing about working folks sleeping on friends’ couches, only going home for weekends. Cruelty, thy name is Green New Deal.
$@$%#!!!
This is destroying the US economy even faster than the covid hoax.
Oil was $140/barrel in 2008, and its already 14 years and $trillions of printed money later
anyone want to bet on $200/barrel before this is over?
Gas hit 1.949 Cdn per LITER today where I live. For REGULAR.
That’s $5.86 USG/USG.
US DOLLAR /USG
If our side could mount a decent communications effort, not even democrats would vote for these fools.
They’ll blame it on everybody, and most illeratites will believe it.
Three years to go. You can do it Biden!!! Pretty soon we will all be working the John Kerry glorious solar panel factory making solar panels to charge millions of electric cars so we won’t need to buy gasoline, heating oil, diesel, or natural gas. A unicorn in every pot.
we’re traveling thru Oregon and Idaho and now in Nevada....prices are ridiculous but I imagine Vegas will be worse....hope we can afford to get home.
shouldn’t the stock market be going up with all this inflation?.......
But, Crude Oil Futures are headed down.
Go figure.
https://www.barchart.com/futures/quotes/CL*0/futures-prices
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