Brent oil price rises above $97 for the first time since September 2014

Posted 22 February, 2022

On the news of Russia's recognition of the DPR and LPR, Brent oil updated its seven-year high price, at the moment reaching $97.6 per barrel.

The cost of one barrel of Brent crude oil for delivery in April on Tuesday, February 22 exceeded $97 for the first time since September 2014, following from the trading data of the London ICE exchange. At the moment, it rose to the level of $97.6. Compared to quotations at the opening of trading, the price of oil added about 4%.

Oil rises in price on the news about the decision of President Vladimir Putin to recognize the independence of the DNR and LNR. He announced this on Monday evening. At the same time, Putin and the heads of the two republics Denis Pushilin and Leonid Pasechnik signed the relevant documents. After that, they were sent for approval to Parliament.

Oil has been rising in price since the end of January: on the 26th, it rose to $90 per barrel. At such levels, oil has not been traded since October 2014. By the beginning of February, against the backdrop of geopolitical tensions in Eastern Europe and the Middle East, the value of the April futures exceeded $92, and by February 11 - $95.

Analysts at JPMorgan Bank admitted that the price could rise to $120 per barrel if crude oil exports from Russia decline amid the crisis in Ukraine. If this reduction is twofold, oil, in their opinion, can be traded at $150 per barrel.

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