Tensions over Ukraine will continue setting the tone for oil markets in coming months, with the European Union's ban on most Russian imports sapping already constrained global crude supplies, a Reuters poll showed on Tuesday.
With prices trading around $123 a barrel, the poll forecast Brent will average $107.37 in the second quarter and gradually decline to $99.52 in the last quarter of this year."With Russia showing no intent to withdraw troops soon, we expect the tensions in the region to be resolved only by the end of Q3, thus prolonging the volatility in prices over the next couple of quarters," said Hetal Gandhi, director at CRISIL Research.
"We believe once the fine print of the EU ban becomes clearer in coming days, as to the timing and full extent of the ban, we could see oil prices move beyond $130 per barrel," said DBS Bank lead energy analyst Suvro Sarkar.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU to pledge support for Ukraine, but not ready with new Russia sanctions
Source: STForeignDesk - 🏆 4. / 71 Read more »
Russia says 5 dead in strikes on Donetsk in eastern Ukraine
Source: STForeignDesk - 🏆 4. / 71 Read more »
US will not send Ukraine rocket systems that can reach Russia, says BidenWASHINGTON: The United States will not send Ukraine rocket systems that can reach into Russia, President Joe Biden said on Monday (May 30). The comments followed reports that the Biden administration was preparing to send advanced long-range rocket systems to Kyiv for its fight against Russia. \u0022W What if they place them right at the border smlj logic, when the ukraine troops also did fire into russia borders. but since its a war, its fair that ukraine can fire into russian territory as long as it is not civilian areas.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Biden rules out sending rocket systems 'that can strike into Russia' to Ukrainestraits_times Rocket system or call it by whatever name, enough is enough. No more war. President Biden should lead the process of ending this disastrous war. At the end of the day, we are all losers.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Senior Ukraine official says EU sanctions on Russia still 'not enough'MADRID: The latest European Union sanctions on Russia, which ban most imports of its oil, are \u0022not enough\u0022 and the pace of sanctions so far has been too slow, a senior official in the Ukrainian president\u0027s office said in a speech in Madrid on Tuesday (May 31). In the bloc\u0027s toughest reprisals against Mosco
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil climbs ahead of EU meeting on Russia sanctionsMELBOURNE : Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.Brent crude futures gained 46 cents, or 0.4 per cent, to $11
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »