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17 days ago

Oil Prices Spike as US Seeks Massive Crude Purchases

Wibbitz Top Stories
Wibbitz Top Stories
Oil Prices Spike, as U.S. Seeks, Massive Crude Purchases.
Al Jazeera reports that
the price of oil has jumped to
the highest it's been since late March. .
Prices were reportedly supported by OPEC approving
a limited production increase in response to the
European Union's proposed ban on imports from Russia. .
This week, the EU announced a plan to ban Russian
crude and refined fuels over the next year to increase
pressure on Russia to end its war with Ukraine. .
This week, the EU announced a plan to ban Russian
crude and refined fuels over the next year to increase
pressure on Russia to end its war with Ukraine. .
Al Jazeera reports that the EU has also
targeted insurers with the goal of impairing
Russia's ability to transport oil around the world. .
Al Jazeera reports that the EU has also
targeted insurers with the goal of impairing
Russia's ability to transport oil around the world. .
A United States Energy Department official
told CNN that the Biden administration plans
to seek bids for 60 million barrels of crude. .
A United States Energy Department official
told CNN that the Biden administration plans
to seek bids for 60 million barrels of crude. .
The massive purchase comes
as an attempt to replenish the nation's
shrinking emergency oil reserve. .
Al Jazeera reports that oil has
skyrocketed over 40% this year. .
Al Jazeera reports that oil has
skyrocketed over 40% this year. .
The surging price has been driven by Russia's
war disrupting flows, rapidly rising inflation
and major central banks tightening policies. .
The surging price has been driven by Russia's
war disrupting flows, rapidly rising inflation
and major central banks tightening policies. .
While OPEC has agreed to increase production
by 432,000 barrels a day, the group only
managed an increase of 10,000 barrels a day in April. .
According to Al Jazeera, the nominal
increase in April indicates the difficulty
the group is having with increasing output.
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