Οil prices are moving towards their highest weekly increase, since mid-2020, with the WTI rising by 18% and Brent by 14%, having reached its highest level in a decade this week.
Brent futures for May reached $114.23 per barrel, today, and settled at $112.52, increased by $2.06 or 1.9% at 5:26 Greek time. Yesterday, it dropped by 2.2%, on Thursday.
The US WTI for April rose by $2.37 or 2.2% to $110.04 per barrel, after reaching a high of $112.84 earlier. Yesterday, it had gone down 2.6%.
The fears that Western sanctions on Russia over the conflict in Ukraine will halt shipments from Russia, which is the world’s largest exporter of crude and petroleum products, are fuelling price increases.
Trade activity for Russian crude oil has slowed as buyers hesitate to make purchases due to sanctions, while pressure is mounting on the US leadership to ban Russian oil imports.
“The escalation of the war in Ukraine has not only caused geopolitical risks, but adds to the already heightened inflation concerns and increases risk premiums,” RBC Capital analyst, Christopher Looney, told Reuters.
Of course, a coordinated release of 60 million barrels from developed countries’ stockpiles could boost global demand.
In this context, Japan stated today that it plans to release 7.5 million barrels of oil.
Commonwealth Bank of Australia analyst, Vivek Dar, estimates that Brent will average $110 a barrel, in the second and third quarters of this year, but points out that there is a risk, in the short term, that prices will exceed projections and even reach $150 in Brent futures.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%
Major Increase in Russian Natgas Imports by Greece in 1Q 2024
Russian state natgas exporter Gazprom dominated imports to the country, mostly through the overland pipeline entering via a northern frontier pipeline
Lamda Development Announces First Profitable Year for The Ellinikon Project
The ATHEX-listed developer reported 206 million euros in EBITDA for FY23, a 69%-percent increase from 2022 results
Europa Nostra Adds Sifnos, Serifos, Folegandros to Most Endangered List
Europa Nostra says three Greek islands are at risk due to surge in tourism development and rampant construction
EU Cracks Down on Social Media Influencers Making Illegal Profits
A recent EU inquiry uncovered 358 online influencers, among them 20 in Greece, found to be violating consumer laws
Greek PM Announces €2 Billion Decarbonization Fund for Greek Islands
Greece bolstered its drive for a greener economy with the launch of a €2 Billion Decarbonization Fund for the Greek islands
![Αυτοκινητόδρομος Ε65: Αθήνα – Τρίκαλα σε 3 ώρες το Πάσχα [χάρτης]](https://www.ot.gr/wp-content/uploads/2024/04/E65_kentrikiodos.gr_-90x90.jpeg)
