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Right now, Wednesday, oil costs recorded a brand new rise, as the worth of Brent crude reached the brink of 113 {dollars} a barrel, whereas the worth of West Texas Intermediate crude jumped by greater than seven p.c, as a result of rising issues over oil provides as a result of Russian army operation in Ukraine.
The worth of Brent crude futures rose by 6.5% to succeed in $113, whereas the worth of West Texas Intermediate crude futures elevated by 7.42% to succeed in $110.2, bringing it to the very best degree since 2013.
It’s noteworthy that Russian provides are about 40 p.c of European fuel wants, whereas about 2.3 million barrels of Russian crude head west each day by way of a community of pipelines.
With Russia being one of many world’s largest oil producers, Brent crude futures rose $4.51, or 4.6 p.c, to $102.75 a barrel, a worth slightly below a seven-year excessive of $105.79, after the beginning of army operations in Ukraine. .
It’s noteworthy that pure fuel costs in Europe are additionally about 15%, and oil and fuel costs have risen by nearly 60% since fears of an invasion of Ukraine started to escalate in November.
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