Oil becomes more expensive in global markets
The price of oil rose again today in international markets towards $74, reflecting investors' fears that Ukraine could attack Russia's energy infrastructure and cut off supplies.
On the London market, the price of a barrel was $1.04 higher than at yesterday's close of trade and reached $73.85. In the US market, a barrel traded at a higher price of $1.46, from $70.22.
The market's focus shifted to supply after Washington last weekend, according to US media reports, allowed Ukraine to use US missiles to attack Russian territory.
Moscow warned that such a decision, if officially confirmed, would represent direct US involvement in the conflict.
Russian President Vladimir Putin by decree formalized the change to the nuclear doctrine, which expands the list of conditions for a nuclear response to an attack on Russian territory.
Meanwhile, Ukraine fired US ATACMS and British Storm Shadow missiles into Russian territory, according to media reports.
On Wednesday night, oil prices fell slightly as investors were preoccupied by the increase in US gasoline stockpiles last week, by 2.1 million barrels, according to data from the Department of Energy. Oil reserves also increased, with a modest amount of 545 thousand barrels.
This morning, attention turned to the announcement of the Air Force of Ukraine about the Russian attack with an intercontinental ballistic missile.
"When it comes to oil, there is a risk that Ukraine will target Russian energy infrastructure, and it is an open question how Russia will respond to these attacks," ING analysts wrote in a note.
Major producers may once again delay raising output because of weak demand, sources close to the Organization of the Petroleum Exporting Countries (OPEC) and a group of its allies, including Russia, said.
OPEC+ produces roughly half of the world's oil, and according to current plans, it should increase supply by 180 barrels per day early next year. So far, the deadline has been postponed twice, by one month. Concerns about Russian supply and the announced Chinese measures pushed it to the back burner.
