WTI and Brent Oil Both Trade Above $100 on Ukraine — Market Talk

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March 1, 2022
Crude Above $100/BBL | Peter Cardillo, Chief Market Economist, Spartan Capital Securities
March 2, 2022

WTI and Brent Oil Both Trade Above $100 on Ukraine — Market Talk

Both of the main crude-oil benchmarks climb above $100 a barrel, with Brent crude up 5% at $103.01, and WTI crude up 4.6% at $100.07 as deepening concerns over Russia’s invasion of Ukraine continues to add risk premium to the price of oil. Peter Cardillo at Spartan Capital says crude’s sharp price increases this morning are specifically “as the traders eye Russia’s advancement towards the Ukraine capital,” and says the issue is likely to keep financial markets on edge throughout the day in the lead-up to tonight’s State of the Union address where “Biden is expected to maintain a tough attitude towards Putin.”