Oil Prices Down as Russia Stepped Up Hostilities in Kyiv

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Global oil prices were slightly down from early yesterday after Russia fired missiles on the Ukrainian capital Kyiv for the first time in weeks since the former invaded Ukraine.

As early as 10:16a.m yesterday, crude oil international journals reported that WTI Crude was down 0.27% at $118.70 and the international benchmark, Brent Crude, traded at $119.67, down 0.13%.

On the same day, oil prices were supported by Saudi Arabia’s decision to raise its crude prices for Asia for July by more than expected, signaling confidence that oil demand would rebound, especially in China, after two months of lockdowns. 

World largest crude oil exporter, Saudi Arabia, exporter, raised the price of its flagship Arab Light grade by $2.10 per barrel for July compared to June, setting the price at $6.50 per barrel over the Oman/Dubai benchmarks.

Reports say the Russian/Ukraine hostilities have continued to influence oil prices, with intense battles in the Donbas region in eastern Ukraine, which Russia is intent on seizing, and the first Russian missiles targeting the Ukrainian capital Kyiv in more than a month.

Normalcy had returned over the past few weeks, but observers say the Russian bombing was a stark reminder for residents of the capital that Ukraine is at war.

“There hasn’t been a strike on Kyiv in a while, and perhaps most people, including myself, developed a kind of illusion that the worst was behind us. But this was a reminder that the war is still going on,” Euactiv, the pan-European media network, quoted a Kyiv resident, Kostyantyn Nikitenko in the report
Kyiv’s mayor Vitali Klitschko, said at least one person was hospitalized, although no deaths were immediately reported.

“While someone asks not to humiliate Russia, the Kremlin resorts to new insidious attacks. Today’s missile strikes at Kyiv have only 1 goal – kill as many Ukrainians as possible.

By Chidi Ekpewerechi (with agency) 

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