Oil prices rose in volatile trading on Wednesday due to disruptions in crude exports from Russia and Kazakhstan via the Caspian Sea pipeline.<\/p>\n\n\n\n
The price of Brent crude futures rose $3.13, or 2.7 percent, to record $118.61 a barrel. The price had fallen earlier to 114.45 dollars a barrel.<\/p>\n\n\n\n
The price of West Texas Intermediate crude futures increased by $2.69, or 2.5 percent, to $111.96 a barrel, and had fallen earlier to $108.38 a barrel.<\/p>\n\n\n\n
Markets remained concerned about the possibility of additional sanctions against Russia, the second-largest oil exporter in the world, after its invasion of Ukraine, which it describes as a “special operation”.<\/p>\n\n\n\n
US President Joe Biden is due to announce more sanctions on Russia when he meets European leaders on Thursday in Brussels and attends emergency NATO meetings.<\/p>\n\n\n\n
European Union countries remain divided over the ban on imports of Russian crude oil and products that continue to flow into them, but that could change when the short-term contracts expire.<\/p>\n\n\n\n
Russia warned on Tuesday that oil exports through the Caspian pipeline consortium would drop by up to 1 million barrels per day, or 1 percent of global oil production, due to storm damage.<\/p>\n\n\n\n
Exports through the pipeline were completely halted on Wednesday, and Ships Agency said repairs would take at least a month and a half.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose in volatile trading on Wednesday due to disruptions in crude exports from Russia and Kazakhstan via the Caspian Sea pipeline. The price of Brent crude futures rose $3.13, or 2.7 percent, to record $118.61 a barrel. The price had fallen earlier to 114.45 dollars a barrel. The price of West Texas Intermediate …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6917,8559,6936,6875,8854,9007,7534,7963,6909],"class_list":["post-62549","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-eu","tag-houthis","tag-oil-prices","tag-russia","tag-russian-invasion-of-ukraine","tag-russian-oil","tag-sanctions","tag-saudi-aramco","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62549"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62549\/revisions"}],"predecessor-version":[{"id":62550,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62549\/revisions\/62550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}