WH Spokesperson: We still have tools at our disposal to deal with rising oil prices
|“We still have tools at our disposal to deal with rising oil prices and will engage OPEC as needed,” said White House (WH) Spokesperson, per Reuters.
The US diplomat crossed wires as the energy benchmark rallied to the highest since October 2014 while poking $86.50 at the latest.
On a different page, Turkish state-owned media Botas reported an oil pipeline explosion and fire that carries around 450kb/d of crude oil from Iraq to Turkey.
Market implications
WTI crude oil bulls take a breather around the multi-year high of $86.50 following a stellar rally amid fears of US intervention, as well as fresh chatters concerning Omicron weighing on the global energy demand.
Read: WTI eases back to $85.00 level after hitting fresh multi-year highs near $86.00
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.