Putin’s threats raise global oil prices

Baghdad Oil prices rose today, Monday, with the continued closure of a major pipeline supplying the United States with crude oil, while Russian President Vladimir Putin threatened to cut production in response to a cap on the price of exports from the West.

Brent crude futures rose 44 cents, or 0.58 %, to $76.54 a barrel, and US West Texas Intermediate crude was $71.59 a barrel, up 57 cents, or 0.85%.

The gains in Brent and West Texas Intermediate crude prices today, Monday, come after declines in both kinds last week, to their lowest levels since December 2021, amid fears that a possible global recession will affect the demand for oil.

Putin said last Friday: “Russia, the world’s largest energy exporter, may reduce production and will refuse to sell oil to any country that imposes a “stupid” price ceiling on Russian exports agreed upon by the G7 countries.

Source: National Iraqi News Agency