Category : Energy
OIL advanced near US$72 a barrel as an economic truce between the United States and China eased fears of a trade war, and before a meeting on crude prices between the ministers of top producers Russia and Saudi Arabia.
Venezuelan President Nicolas Maduro won re-election to another six-year term on Sunday, despite widespread anger over the South American country's crushing economic and social crises.
Jody Chudley : "If you wake up tomorrow and oil prices have spiked to $100 per barrel, here is what will have happened."
The European Union is planning to switch payments to the euro for its oil purchases from Iran, eliminating US dollar transactions, a diplomatic source told RIA Novosti.
The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating.
Gasoline prices are expected to reach $3 as a national average for unleaded gasoline this summer, a four year high.
Oil prices rose to their highest level since November 2014 faced with geopolitical tensions in the Middle East.
The price of crude oil has risen to an almost three-year high, following US President Donald Trump's unilateral decision.
Although some companies have learned to ride the waves of geopolitics quite efficiently, still in most cases political tensions only complicate the dealings of energy companies.
European markets are set to rise on Thursday morning, as soaring oil prices triggered a broader rally across commodities.