Oil prices

U.S. Secretary of State Antony Blinken said on Sunday said the United States and European allies were exploring banning imports of Russian oil.

Russia is Japan’s fifth-biggest supplier of crude oil and liquefied natural gas (LNG). Some volumes of Kazakhstan’s oil exports from Russian ports have also faced complications. The head of Japan’s largest business lobby said the country’s imports of Russian crude could not be replaced immediately. Russia is the world’s top exporter of crude and oil products combined, with exports at around 7 million bpd, or seven per cent of global supply. Oil prices spiked to their highest levels since 2008 on Monday amid market supply fears as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded. U.S. Secretary of State Antony Blinken said on Sunday said the United States and European allies were exploring banning imports of Russian oil, while the White House was coordinating with Congressional committees to move forward with a U.S. ban.

The average price for gasoline in the U.S. is above $4 a gallon, a milestone.

In currency trading, the U.S. dollar edged up to 115.20 Japanese yen from 114.86 yen. That pushed the average price for gasoline in the U.S. above $4 a gallon, a milestone already reached again. Imports advanced 15.5% despite a Chinese economic slowdown that the war threatens to worsen. Cohen is the co-founder of Chewy, who last year took a stake in GameStop, the struggling video game chain that eventually named him board chairman. Elevated oil prices may pose a threat to firms’ margins and consumer spending outlook,” Yeap said. Wall Street finished last week with shares falling despite a much stronger report on U.S. jobs than economists expected. It is now down just under 10% from its record set early this year. Shares of Bed Bath & Beyond jumped more than $11, or 70%, to $27.84 per share. The move caused the country’s daily oil output to drop by 330,000 barrels. “The Ukraine-Russia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week,” said Yeap Jun Rong, market strategist at IG in Singapore. U.S. crude jumped $5.21 to $120.89 a barrel in electronic trading on the New York Mercantile Exchange. The all-time high was marked in July 2008, when the price per barrel of U.S. crude climbed to $145.29. U.S. House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S.

Gas prices are based on oil prices, and traders are getting nervous about a potential ban on imported Russian oil.

Crude oil prices make up around 55% of what we pay for gas, he said. As a result, Seng said, traders are buying oil now — which pushes prices up today. Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. The national average is at $4.06 a gallon, according to AAA. That’s up 12% from a week ago. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting. “And the refiners have to pass that along to consumers, as the price of crude oil goes up,” he said.

TOKYO (AP) — Oil prices jumped and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. Brent crude oil briefly surged above $130 a barrel but was trading around $125 a barrel ...

The cost of fuel is expected to rise again in Nova Scotia as the province's utility and review board plans to invoke its interrupter clause for the second ...

On Friday, gas prices in Nova Scotia spiked by 10.1 cents — a new record. At the beginning of March 2020, the price of gas in the Halifax area was 105.9 cents, but fell to 64.1 cents by the end of the month as fears of COVID-19 caused gas prices to plummet. The cost of fuel across the country is skyrocketing as Russia’s war in Ukraine is putting greater pressure on an already-surging oil price environment.

CBC News reporter Robert Jones, who makes gas price predictions for the network, had expected the price of gas to increase by 10 cents per litre and the price ...

The board considers using the interrupter when prices shift up or down by six to eight cents. So we have lost probably about 100 drivers since COVID has taken place, and with the reduced revenue and higher expenses, it has just not been as financially viable." They're coming in and talking to us ... we have a lot of drivers who have left the industry. It's getting to the point where a lot of our members are thinking of dropping out. The price of diesel also went up about 9.5 cents per litre at midnight. "It's making it very difficult for us to keep going," Andy Weir, the association's executive director, said Monday. "The diesel fuel, as we all know, it's making a big difference in what's left over at the end of the day for us.