WTI surges above $101/barrel, eyes 2014 highs in $107s amid growing Russia supply disruption fears By Frank_Macro Oil WTI OPEC RussianFederation
invading Ukraine, start to bite, outweighing chatter about coordinated oil reserve releases. Front-month WTI futures have surged to their highest levels since July 2014 above $101 per barrel, with the bulls eyeing a test of the next key area of resistance in the $107.50 area, which marks the 2014 highs.
The US and EU have not imposed direct sanctions on Russian energy companies or on energy exports, but various reports in financial press point to growing difficulties in conducting trade of these goods. Banks have been pulling financing and shipping costs have surged, while major Western-based energy companies are looking to exit their stakes in Russian operations.
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