Why Oil Prices Are Jumping After OPEC Increased Production
Global oil prices rallied hard on Monday, lifting U.S. crude to the highest levels in two weeks, as investors shrugged off a planned supply increase from the OPEC+ cartel and focused on geopolitical news that could pressure energy markets over the coming months. The Ukraine attack may have also renewed concerns that President Volodymyr Zelensky could target Russia oil installations, a move that ING commodities strategist Warren Patterson said would 'change the outlook for the oil market drastically.' Multiple media reports also suggest that a bipartisan effort by Senators Lindsey Graham (R., South Carolina) and Richard Blumenthal (D., Conn.) to sanction countries that purchase Russian oil could be ready for this month's G-7 summit in Alberta, Canada.
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