Oil pumping jacks, also known as “nodding donkeys”, in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020.
Andrewy Rudakov | Bloomberg | Getty Images
Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- U.S. oil jumps to 7-year high above $101 a barrel as Russian assault prompts supply shortage fears
- Prices first topped the $100 mark last Thursday when Russia invaded Ukraine, prompting fears of supply disruptions from key exporter Russia, in what is already a very tight market.
- West Texas Intermediate crude futures, the U.S. oil benchmark, jumped 5.7% to trade at $101.17 per barrel.
- International benchmark Brent crude advanced 6.3% to trade at $104.16 per barrel. The contract rose to $105.79 last week, the highest since 2014.
- Morgan Stanley now sees Brent averaging $110 in the second quarter, up from a prior forecast of $100. Under the firm’s bull case, prices will jump to $125 per barrel.
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