27-01-2022
Oil prices rose on Wednesday to touch $90 a barrel for the first time in seven years, supported by a supply shortage and rising political tensions between Russia and Ukraine, adding to concerns about further turmoil in a market already experiencing tight supplies.
Brent crude contracts ended the trading session up $1.76, or 2%, to settle at $89.96 a barrel, after crossing the $90 level for the first time since October 2014.
And US benchmark West Texas Intermediate crude contracts closed up $1.75, or 2 percent, to $87.35 a barrel.
Oil prices gave up some of their gains in post-settlement trading, as they fell with other riskier assets, such as stocks, after investors interpreted the comments of US Federal Reserve Chairman Jerome Powell at a press conference as indicating a tough stance on expected interest rate increases.
The market ignored an unexpected increase in crude stocks in the United States, which rose last week by 2.4 million barrels, against expectations for a decline of 700,000 barrels, while gasoline stocks recorded their highest level in almost a year.
(Reuters)