• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 1 hour 60 mph electric mopeds
  • 4 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 28 mins Russia loses its chance to capture the EU gas market
  • 5 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 7 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 6 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 10 hours Iran's first oil tanker has arrived near Venezuela
  • 43 mins So the President is on that Hydroxy
  • 4 hours Let’s Try This....
  • 4 hours DEFIANCE – There are More of Us Than Them
  • 18 hours Ventura County to Replace Natural Gas Generation with Battery Storage

Oil Rises On Ukraine Tension, U.S. Sanctions

Renewed tension in Ukraine and the announcement that the U.S. will impose new sanctions on Russia allowed oil prices to recapture ground that had been lost over the last few weeks.

As the crisis has intensified, oil prices have responded. Brent futures for June were up 0.6 percent during trading on April 28, to $110.20 per barrel. June delivery for West Texas Intermediate crude jumped 92 cents, to $101.52 per barrel, after dropping 3.6 percent last week.

After pro-Russian forces seized international monitors last week, U.S. Secretary of State John Kerry blasted Moscow for its failure to live up to the international accord agreed upon in Geneva earlier this month. The Russian move also gave the U.S. and EU the justification it needed to ratchet up sanctions. According to NATO, Russia has positioned 40,000 troops on the Ukrainian border.

Since then, the town of Lugansk, Ukraine declared its independence from Kiev, with pro-Russian forces declaring it the “Lugansk People’s Republic.” They announced that a referendum would be held May 11 on the question of formally joining Russia.

Related Article: Putin is Losing Eastern European Energy Gamble

The mayor of Kharkiv, Ukraine’s second largest city, was also shot in the back and remains in critical condition. Kharkiv is in Ukraine’s east, where pro-Russian forces hold sway. The mayor had recently announced support for the new government in Kiev.

U.S. President Barack Obama announced new sanctions on April 28 against several members of Russian President Vladimir Putin’s inner circle and companies considered close to the Kremlin.

In all, the sanctions consist of travel bans and asset freezes on seven Russian officials and asset freezes on 17 companies. In addition to several banks, the list includes Igor Sechin, president of Russia’s massive state owned oil company, Rosneft.

The U.S. said it would also prohibit exports of high-tech equipment that could be important to Russian military forces. The EU is expected to follow up with similar sanctions and has already met to discuss the details.

By James Burgess of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News