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Brent crude oil prices hit a nine-year high

 Last Update: 2023-03-07
 Source: Internet
 Author: User

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financial

crude oil refined

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Arab News Network reported on March 3 that Russia's economic sanctions have triggered concerns about crude oil supply, and Brent oil prices continued to rise on March 3, breaking through $118, a new high
in nine years.
U.
S.
West Texas Intermediate crude reached $114.
70 per barrel, an 11-year high
.
U.
S.
export controls on Russia's refining industry have raised concerns about
Russian oil and gas exports.
OANDA analyst Jeffrey Halley said: "'Global' financial institutions are doing a lot of work to ban any Russia-related transactions
altogether.
" Australia's ANZ Bank said the supply shortage could rise further and predicted short-term oil prices to reach $
125 a barrel.
According to the International Energy Agency, Russia is the world's third-largest oil producer and the world's largest oil exporter
.
Russian crude and refined product exports reached 7.
8 million b/d
in December 2021.
Despite soaring oil prices, OPEC and its alliance of allies have ignored calls from consumer countries to increase crude oil production
.

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