Oil prices were at $93.54 per barrel for Brent crude futures, closing Friday, and U.S. West Texas Intermediate (WTI) crude futures at $91.07 a barrel.
The White House said yesterday, that it has finalized a sanctions package against Russia in coordination with our allies, noting that work is being done with major energy producers to stabilize the markets and all our tools are on the table, stressing that, the Russian currency will be greatly affected if we impose sanctions on Russia.
The White House warned China not to give Russia approval to invade Ukraine because it would have a profound impact on Europe, noting that China would not be able to compensate for what the West offers Russia, and the White House confirmed that russian gas supplies from North Africa, the Middle East and the United States had been coordinated if cut off.
The White House also confirmed that President Biden will remain in Washington in the coming days to follow up on the situation in Ukraine, in turn, the deputy director of the U.S. Economic Council confirmed that Russia will be isolated from the international financial system if it invades Ukraine.
Crude oil price trends varied during the fourth quarter of 2021, where they saw a marked rise during October, recorded their highest levels in several years supported by higher prices of oil term contracts, continued improvement in the fundamentals of the spot oil market, amid indications of recovering demand for crude oil from refineries that increased their operating rates to take advantage of strong refining margins, with the issuance of the fourth share of imports of independent refineries of crude oil in China, as well as the expectation of increased operating rates to take advantage of strong refining margins, with the issuance of the fourth share of imports of independent refineries of crude oil in China, as well as the expectation of an increase in the level of Demand for oil to be used as fuel for heating during the winter instead of natural gas, whose prices have risen significantly, and oil inventories in major consumer areas have declined, according to the OAPEC World Petroleum Conditions Report for the fourth quarter of 2021.
The report added that this comes before crude oil prices fell over November and December mainly affected by the emergence of the rapidly spreading omicron mutation of the new CORONA virus, and the record rise in the number of cases of HIV infection globally, including many major oil-consuming countries, which led to a sharp decline in oil futures markets amid fears that the re-closures and restrictions on movement could slow the recovery of the economy Global.