Crude oil rises as Russia-US meeting optimism fades

February 22, 2022 02:48 PM AEDT | By Arpit Verma

Crude oil rises as Russia-US meeting optimism fades — Image source: Copyright © 2022 Kalkine Media®

Oil supply concerns

The rising tension between Russia and Ukraine has triggered crude oil supply tension as the US and European Commission confirmed to impose sanctions on Russia, it invades Ukraine.

Emmanuel Macro, the French President said on Monday that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to a summit over Ukraine, but with no immediate plans.

Oil prices are once again heading up, as the optimism of the US-Russia meeting fades. At the same time, OPEC along with its allies is struggling to produce up to its agreed quota, further raising supply concerns.

Russia Ukraine tension

Currently, all eyes are on salvaging Iran's 2015 nuclear deal with world powers on the verge of finalisation, but success depended on the political will of those involved.

Also Read: WTI Crude surpasses US$90/bbl as frigid weather cascades across the US

Bottom Line

Crude oil prices rose on Monday as the rising tension between Russia and Ukraine has triggered crude oil supply worries in the market.

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