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As the prospect of an escalation of the Russian-Ukrainian conflict triggered concerns about energy supply, international crude oil futures prices rose in the overnight market, rushed back down in early trading on September 22, and then consolidated in a narrow range, and international oil prices rose
at the close.
Light crude futures for November delivery rose $0.
55, or 0.
66%,
to settle at $83.
49 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for November delivery rose $0.
63, or 0.
70%, to settle at $90.
46 a barrel
.
John Kilduff, founding partner of Reinvest Capital, said geopolitical tensions were driving oil prices higher
.
Russian President Putin signed a decree
on partial mobilization in Russia on the 21st.
Russian Defense Minister Sergei Shoigu said that 300,000 reservists will be called up during Russia's partial mobilization
.
Warren Patterson, head of commodity strategy at Commerzbank, said there was a clear escalation in the Russia-Ukraine conflict and raised concerns that
Russian energy flows could be affected.
Western energy sanctions against Russia are likely to be more radical, or Russia may further use Russian energy as a weapon
.
Analysts at Sevens Report, a U.
S.
market research publication, said on September 22 that economic uncertainty is likely to limit any oil price gains to a range of $95 to $100 a barrel, leaving oil prices in sideways mode in the near and medium term
.
However, the geopolitical impact of the conflict in Ukraine will continue to be positive for oil prices, and OPEC+ production will be significantly below production targets
.
Giovanni Staunovo, an oil analyst at UBS, said OPEC crude exports had retreated
from a strong increase earlier this month.
In addition, at least three Chinese state-owned refineries and one large privately owned refinery are considering raising their October operating rates by 10 percentage points to meet rising demand and possible oil exports in the fourth quarter
, Reuters reported.
