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Oil prices surge more than 2% as Putin mobilises more troops
SINGAPORE: Oil jumped more than 2% on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, escalating the war in Ukraine and raising concerns of tighter oil and gas supply.
Brent crude futures rose $2.28, or 2.5%, to $92.90 a barrel by 0707 GMT after falling $1.38 the previous day.
U.S. West Texas Intermediate crude was at $86.16 a barrel, up $2.22, or 2.6%.
Putin said he had signed a decree on partial mobilisation beginning on Wednesday, saying he was defending Russian territories and that the West wanted to destroy the country.
The escalation will lead to increased uncertainty over Russian energy supplies, said Warren Patterson, head of commodities research at ING.
"The move could possibly lead to calls for more aggressive action against Russia in terms of sanctions from the west," he said.
Oil soared and touched a multi-year high in March after the Ukraine war broke out.
European Union sanctions banning seaborne imports of Russian crude will come into force on Dec. 5.
"It seems like a knee-jerk reaction to a sliver of news and would be liable to further recalibration in the coming hours," said Vandana Hari, founder of Vanda Insights in Singapore.
Meanwhile, the United States said that it did not expect a breakthrough on reviving the 2015 Iran nuclear deal at this week's U.N. General Assembly, reducing the prospects of a return of Iranian barrels to the international market.
The OPEC+ producer grouping - the Organization of the Petroleum Exporting Countries and associates including Russia - is now falling a record 3.58 million barrels per day short of its production targets, or about 3.5% of global demand. The shortfall highlights the underlying tightness of supply in the market.
Investors this week have been bracing for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand.
The Fed is widely expected to hike rates by 75 basis points for the third time in a row later on Wednesday in its drive to rein in inflation.
Meanwhile, U.S. crude and fuel stocks rose by about 1 million barrels for the week ended Sept. 16, according to market sources citing American Petroleum Institute figures on Tuesday.
U.S. crude oil inventories were estimated to have risen last week by around 2.2 million barrels in the week to Sept. 16, according to an extended Reuters poll.
The head of Saudi state oil giant Aramco warned on Tuesday that the world's spare oil production capacity may be quickly used up when the global economy recovers.
- Reuters
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Discussions
Be the first to like this. Showing 18 of 18 comments
should both zelensky and putin sparring to determine the winner. why drag so many innocent poor citizens into war?
2022-09-21 19:50
Putin already checkmated! Even Chairman Xi who idolized Putin now keep a distant!
2022-09-22 02:13
Qqq! I don't take side! I am just reporting it as it is! Ukraine invasion is a failure! It is what it is!
Chairman Xi is no dumbass either! He won't cover for Putin! Chairman Xi will extend his friendship for Putin replacement!
We are living in a dynamic era! The elitists have their own ambition! You have US enlightens who hava deep thirst to dominant the world! Then you have CCP who wants to dominant narrative of humanity too!
Then you have Putin who is absolutely corrupted by absolute power for far too long! Tried to take credit for CCP global domination, but hey, you think Chairman Xi wants two tiger on top of the mountain!
2022-09-22 03:51
We may end up with deep multipolar world! I am doubting enlightens will be able to control course of the world! Maybe in western hemiphere but in Asia, CCP will dominate!
Eventually, Asia will decoupled from western hemisphere! But looking at current geopolitics, western nations will lose out! Blame US for all this decoupling! US has been too busy engineering war here and there!
China has been busy building infrastruture all over the world!
Take Africa for example! US and EU has been colonizing Africa countries and engineered so many civil wars, supplying arms! Then came China, then civil wars have lesser alot! Nowadays africans are busy fighting over materializing things! China extract natural resources from Africa and africans getting goods from China!
Then US suddenly realise that selling arms to africans no longer profitable! Africans simply get bored playing civil war! Just like the rest of us, africans are wagging war in social media like Tiktok!
2022-09-22 03:59
China is already sending arms to help Russia. Next year, send troops to help Russia
2022-09-22 12:55
I don't know what Putin is thinking but seems Qqq333 really know his backhole very well!
But analysing the situation in Ukraine objectively, it's hard for Russian army to win it! Reason been, it's already half a year, and they are losing alot of occupied territories! Furthermore, Russia is running out of missiles! Ukraine already recapture their air space! Basically, Russia warplanes will be shot down using latest arms provided by US!
Ukraine also capture plenty of arms from deserting russian soldiers! It's Aghanistan all over again for Russia!
Don't compare to Crimea! It was walk in the park for Russia back then! This round, ukrainians are willing to die for their sovereignty!
2022-09-22 18:05
Russia is the one that send troops
Then after that talk peace ka lmao
The war will be fought in Donbas for the next 6-8 months, flattening everything there
2022-09-22 19:03
As the war keeps moving eastwards towards Russia border, it will get uglier. Total destruction
2022-09-22 19:35
Nothing much happen in west Ukraine
Pretty much peaceful in Kyiv too
Soon Kharkiv area will be peaceful too
But there will still be a lot of fighting in the east
And the most ironic thing is
The men of Donbas are forced to fight too, while their homes being flatten
Comical betul
2022-09-22 20:40
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Sending off civilians to war! That's an act of desperation on Putin side! It's all about supply chain! If Ukraine keep destroying main supply chain, then it's really useless to send more troops!
2022-09-21 17:34