Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
COVID-19: Raising share capital or social capital
Capital Gains & Dividends High Quality Stock Photo

Oil rises as heightened geopolitical risks exacerbate supply concerns


Oil rises as heightened geopolitical risks exacerbate supply concerns

By Yuka Obayashi

TOKYO (Reuters) – Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure.

Brent crude futures climbed 52 cents, or 0.6%, to $85.95 a barrel at 0359 GMT. U.S. crude futures gained 55 cents, or 0.7%, to $81.18 per barrel.

Both benchmarks fell less than 1% last week versus the previous week. A stronger U.S. dollar, which rose about 1% over the last week, has kept a lid on prices.

“Escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

Meanwhile, the U.S. oil rig count fell by one to 509 last week, showed data from energy services firm Baker Hughes, indicating lower future supply.

Moscow launched 57 missiles and drones in the attack that also targeted the capital Kyiv, two days after the largest aerial bombardment of Ukraine’s energy system in more than two years of full-scale war, Kyiv said.

The move followed Ukraine’s recent attacks on Russian oil infrastructure, with at least seven refineries targeted by drones just this month.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

“Disruptions to oil refineries in Russia have added pressure on fuel markets, leading to rising demand for available crude oil cargoes,” analysts at ANZ Research said, adding that about 12% of Russia’s total oil processing capacity was impacted.

Indian refineries refusing to take Russian crude carried on PJSC Sovcomflot tankers due to U.S. sanctions was also adding to global market tightness, ANZ said.

In the Middle East, Israeli forces besieged two more Gaza hospitals on Sunday, pinning down medical teams under heavy gunfire, the Palestinian Red Crescent said. Israel said it had captured 480 militants in continued clashes at Gaza’s main Al Shifa hospital.

U.S. Secretary of State Antony Blinken told Israeli Prime Minister Benjamin Netanyahu on Friday that Israel risked global isolation if it attacks the Palestinian city of Rafah in the Gaza Strip.

Elsewhere in the Middle East, U.S. forces engaged six Houthi unmanned aerial vehicles over the southern Red Sea after the group launched four anti-ship ballistic missiles toward a Chinese-owned oil tanker, U.S. Central Command said on Saturday.

 

(Reporting by Yuka Obayashi in Tokyo and Sudarshan Varadhan in Singapore; Editing by Christopher Cushing and Jamie Freed)

 

Recent Post: