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Upgrade to Premium Oil Heads for Weekly Advance as Russia-Ukraine War Escalates Alex Longley Fri, Nov 22, 2024, 4:28 AM 2 min read
(Bloomberg) — Oil headed for the biggest weekly gain since early October on an escalation of hostilities between Russia and Ukraine.
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Brent traded above $74 a barrel, up almost 5% for the week. The war has rapidly intensified following months of bloody attrition, with Russia launching a ballistic missile after the expanded use of Western-provided long-range weapons by Ukrainian forces.
Prices pared some earlier gains on Friday as the dollar pulled higher, making commodities priced in the currency less appealing. Euro-area business activity unexpectedly shrank in a sign of the risks from heightened discord over trade.
Still, over the course of the week there have been more positive signs in the crude market. Brent’s nearest timespread hit the strongest level in five weeks — indicating tighter supplies — and an overhang of West African shipments is beginning to ease. Profits from turning crude into fuel have climbed in another positive sign for demand.
Oil has swung between weekly gains and losses since mid-October, influenced by the push and pull of various factors from a strong dollar to ample supply. The Kremlin also revamped its nuclear doctrine this week, although Russia’s foreign minister sought to calm worries about a nuclear escalation.
“What the market fears is accidental destruction in any part of oil, gas and refining that not only causes long-term damage but accelerates a war spiral,” said John Evans, an analyst at brokerage PVM.
The US, meanwhile, sanctioned Russia’s Gazprombank, closing a loophole that Washington kept open over the course of the war because the lender is key for energy markets. The penalties increase the risk of a cut-off of some of the remaining Russian gas flows to a handful of central European nations.
To get Bloomberg’s Energy Daily newsletter into your inbox, click here.
–With assistance from Sarah Chen.
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