May 26, 2022

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Crude oil rises after Joe Biden's statement

Crude oil rises after Joe Biden’s statement

During the day on Wednesday, the price of Brent crude rose by about 8 percent, to reach $113. barrel. After Biden’s statement, oil earned an extra dollar. on the barrel.

President Biden, when asked by reporters if it is possible to ban the import of crude oil from Russia, replied: ‘All options are on the table’.

Several countries, including the United States, the United Kingdom, and the European Union, have imposed a series of sanctions against Russia to punish them for attacking Ukraine. But so far, there has been no ban on importing crude oil or natural gas from Russia.

Rising oil and grain prices Indicate the odds of uninteresting inflation. Sanctions are mounting, which could have major repercussions on the supply of critical raw materials and demand for goods and services, said Mike Hewson, chief market analyst at CMC Markets.

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