Crude oil prices rise above $5 amid fears of Russo-Ukraine war – Businesstoday

Today’s global crude oil prices turn positive above $5, ‘WTI-Brent’ stands above $105 a barrel. from concerns about the situation between Russia and Ukraine affecting world crude oil supply

The movement of foreign crude oil prices as of May 12, 65 has been changed according to the types of references as follows:

• West Texas (WTI) was $105.71/barrel, up $5.95, or 5.63%.

• Brent was $107.51/barrel, up $5.05 or 4.70%.

Analyst, Thai Oil Public Company Limited Revealed that West Texas crude oil prices and Brent increased. After the market is concerned about the uncertainty in the global energy market. after Russia cuts natural gas exports to Europe from the impact of sanctions by many countries As a result, oil and gas prices rose as the United States and its allies continued to negotiate sanctions.

Crude prices soar in 2022 as Russia’s invasion of Ukraine raises supply concerns, while a spokesman for the European Union (EU) said it was looking to support Hungary in increasing its pipeline, storage and refining capacity. To support the demand for oil in Eastern Europe Amid concerns about growth caused by COVID-19 control China and the US interest rate hike

The US Energy Information Administration (EIA) reported the amount of US crude inventories. For the week ended May 6, 65, it rose 8.5 million barrels to 424.2 million barrels, contrary to analysts’ expectations for a decline of 0.5 million barrels, largely due to crude oil reserves. Strategies and Increasing Crude Oil Exports of Countries to meet the needs of buyers