The price of the May 2022 contract for the export of Brent oil in the course of trading on the ICE London Intercontinental Exchange exceeded $ 119 for the first time since February 13, 2013, APA-Economics reports.

At 11:52 Baku time, the price of Brent increased by 6.07% to $ 119.78.

***09:26

Prices of crude oil rose by over 3% in overnight trade on Wednesday, with Brent crude hitting another seven-year high as Russia's military operations in Ukraine continue to rattle the energy markets, APA reports citing Tele Trader.

The global oil benchmark for May delivery surged to trade briefly above the $118 mark, the highest since January 2014. The news comes after Moscow seemingly seized its first major city since starting the offensive in the country.

At 5:36 am CET, West Texas Intermediate (WTI) for April settlement was up by 3.39%, going for $114.27 per barrel, while Brent for deliveries in May added 3.77% to settle at $117.19 per barrel at 5:44 am CET, with today's highest price being $118.22.

*** 07:36

The price of the Brent brand exceeded $116 per barrel for the first time since September 9, 2013, according to trading data, APA reports.

The price of May futures for Brent crude jumped 1.81% to $116.63 per barrel.

April WTI futures rose 2.80% to $113.70.

https://apa.az/en/energy-and-industry/oil-price-nears-usd-120-updated-1-369949