Russia-Ukraine crisis: What happens next will impact oil prices, analysts say

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Oil prices are rapidly heading toward US$100 a barrel, but analysts say the chances of crude smashing that threshold greatly depends on what happens next in Ukraine.

The potential for a war in east Europe has made energy prices volatile over investor fears that conflict between Russia and Ukraine could disrupt supplies. Russia produces 10 per cent of global oil supply.

On Wednesday, the benchmark West Texas Intermediate price came close to US$94 per barrel in the morning’s trading, and many experts have suggested it will go higher.

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Original Article Source Credits: Global News,

Article Written By: Amanda Stephenson

Original Article Posted on: February 23, 2022

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