Stocks for Brent Crude Oil surging post Russia-Ukraine Conflict.

Oil prices surged, with Brent crude touching $113.02 – its highest since 2014 – and U.S. crude coming close to passing its 2013 peak. The U.S. 10-year yield was at 1.7684%, picking up slightly, having dropped sharply in the previous two sessions. Stocks markets saw some small gains on Wednesday but oil spiked further and the rouble fell, as Russia showed no signs of stopping its assault on Ukraine.

Crude oil prices are up sharply on Wednesday, surging more than 5% on concerns of a supply crunch even after 31 countries agreed to release 60 million barrels of oil from reserves around the world. International benchmark Brent Crude oil futures were up 6% at $111.31 a barrel at 7:33 a.m. EST, while US benchmark West Texas Intermediate (WTI) futures were up 5.9% at $109.48 a barrel.

Both Brent and US WTI crude oil prices are up over 40% year-to-date.

Brent Oil Stocks

Brent Crude Oil has extended its uptrend after breaking above the multi-year descending trend line and 2018 peak of $86.75. Strategists at Société Générale expect the black gold to test the $117.00 resistance. Above here, lies the next objectives at $127.00 and $136.00.

“Brent is gradually heading towards the potential resistance located at 2014 levels $115.70/117.00 which is also a projection for the uptrend since 2020. Test of this hurdle can lead to a pause however signals of a large down move are still not visible.”

The supply of oil and oil products from Russia has been disrupted by widespread sanctions after its invasion of Ukraine, and sellers of other fuels are waiting to sell their cargoes in the hope of prices rising further, industry sources have said.

Written by Maryam Nawaz

MPhil International Relations (Specialization in International Politics and Economy)

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