Following Vladimir Putin’s announcement that there will be a partial military deployment across the nation, oil futures increased by 3%. West Texas Mid futures increased by 3. 13% to $86.57 per barrel, while Brent crude futures increased by 3.07% to $93.40 per barrel.
In anticipation of greater demand and a potential increase in fourth-quarter gasoline exports, at least three Chinese state-run oil refineries and a privately owned mega refiner are considering raising runs in October from September by up to 10%, according to sources with knowledge of the situation.
The chances of Iranian barrels returning to the world market have decreased as the U.S stated it does not anticipate a breakthrough on resurrecting the 2015 Iran nuclear deal at this week’s U.N. General Assembly.
Shareholders have been preparing for the U.S. Federal Reserve’s upcoming aggressive interest rate increase; which they worry will result in a recession and a decline in fuel demand. In an effort to control inflation, the Fed is generally anticipated to raise rates by 75 basis points.
