Oil Prices Skyrocket: Brent Nears $66 on U.S. Sanctions – Experts Weigh In
Brent crude rose to about $66 per barrel on Oct. 23, jumping 5% after the U.S. and EU imposed sanctions on Russia’s Rosneft and Lukoil. WTI traded near $62, and the OPEC Basket was $63.4. OPEC+ plans to raise output, while global stockpiles are at multi-year highs. U.S. crude inventories fell last week as refineries increased runs; domestic production is near record levels.