Crude oil prices may be challenging the $100 mark after eight consecutive weekly gains, propelled by heightened Russia-Ukraine tensions amid rising demand and supply constraints. Will they succeed? Get your market update from margaretyjy here:
extended an eight-week rally as traders mulled heightened geopolitical risks surrounding the Russia-Ukraine border this week after US warned about a. A flurry of diplomacy over the weekend failed to alleviate market concerns about potential, as Ukraine serves as a key transit hub of oil and gas between Russia and the European Union. Further escalation of the dispute may lead to US and European sanctions on Russian oil exports, strengthening prices further.
WTI has breached above the $95 mark and Brent is trading at $96 – their highest levels since 2014. It looks like prices are heading towards the $100 mark shouldcontinue to drive near-term term demand for the commodity. Meanwhile, elevated oil prices may feed into inflationary pressure, urging the Fed and other central banks to consider tightening monetary policy sooner to rein in rising price levels.
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