{"id":27748,"date":"2022-03-21T20:39:36","date_gmt":"2022-03-21T20:39:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=27748"},"modified":"2022-03-21T19:25:46","modified_gmt":"2022-03-21T19:25:46","slug":"oil-surge-continues-with-no-end-in-sight-for-ukraine-war-and-major-saudi-arabian-attack","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/oil-surge-continues-with-no-end-in-sight-for-ukraine-war-and-major-saudi-arabian-attack","title":{"rendered":"Oil surge continues with no end in sight for Ukraine war and major Saudi Arabian attack"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>West Texas Intermediate climbed above $108 a barrel, and the U.S. benchmark has now rallied almost 14% since the close last Wednesday. Turkey said Moscow and Kyiv were moving closer in talks to achieve a cease-fire. Still, a top Ukrainian aide said that Russia has turned to &#8220;more destructive artillery.&#8221;<\/p>\n<p>The global oil market has been pitched into turmoil by Russia\u2019s invasion of Ukraine, with the U.S. and Europe imposing sanctions on Moscow and crude buyers shunning the country\u2019s cargoes. WTI topped $130 a barrel earlier this month to hit the highest since 2008, before easing. Prices have seen unprecedented volatility, with frequent intraday swings of about $10.<\/p>\n<p>In the Middle East, Yemen\u2019s Houthi rebels attacked at least six sites across Saudi Arabia late Saturday and early Sunday, including some run by oil giant Saudi Aramco. The Iran-backed group targeted a fuel depot in Jazan in the southwest of the kingdom and a natural gas plant in the Red Sea city of Yanbu.<\/p>\n<p>The Biden administration is stepping up its response to Russia\u2019s invasion. Later Monday, officials will brief energy companies including Exxon Mobil Corp. as well as banks on the war and ensuing sanctions. Separately, President Joe Biden will call counterparts in Europe, then travel to the region later this week.<\/p>\n<p>Prices:<\/p>\n<p>The jump in prices has prompted leading importers to pressure producers to step up supply, including members of the Organization of Petroleum Exporting Countries. At the weekend, Japan urged the United Arab Emirates to increase exports. Meanwhile, Saudi Aramco will increase spending as oil\u2019s surge bolsters its plan to boost output.<\/p>\n<p>Traders are also tracking China\u2019s efforts to contain its latest Covid-19 outbreak and the implications for energy demand. President Xi Jinping has pledged to reduce the economic impact of strict containment measures, while reiterating a commitment to a Covid-Zero policy. Last week, China reported its first Covid-19 deaths since January 2021 and new infections in Shanghai hit a record.<\/p>\n<p>\u201cThe volatility is settling down quite a bit,\u201d said Stephen Innes, managing partner at SPI Asset Management Pte. The supply risk is nowhere near as bad as once thought, China\u2019s Covid-19 strategy is still a bit uncertain, and the market is keeping an eye on whether OPEC will boost production, he said, adding: \u201cThere is quite a lot of stuff to digest.\u201d<\/p>\n<p>Futures are in backwardation, a bullish pattern with near-term prices above those further out. Brent\u2019s prompt spread &#8212; the gap between its two nearest contracts &#8212; was $3 a barrel in backwardation, up from $2.86 on Friday.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. West Texas Intermediate climbed above $108 a barrel, and the U.S. benchmark has now rallied almost 14% since the close last Wednesday. Turkey said Moscow and Kyiv were moving closer in talks to achieve a cease-fire. Still, a top Ukrainian aide said that Russia has turned to &#8220;more destructive artillery.&#8221; The global [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":27747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,956,684,349,350,509,348,275,471,955],"class_list":["post-27748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-embargo","tag-energy","tag-oil","tag-russia","tag-sanctions","tag-saudi-arabia","tag-south-africa-2","tag-ukraine","tag-yemen"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil surge continues with no end in sight for Ukraine war and major Saudi Arabian attack - 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