A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 1, 2022.
Brendan McDermid | Reuters
Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Oil jumps to highest since 2011 as OPEC holds output steady despite Russia’s war on Ukraine
- U.S. oil climbed to the highest level in more than a decade in Wednesday trade, with global benchmark Brent topping $113 per barrel after OPEC and its oil-producing allies, which includes Russia, decided to hold production steady.
- West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 8% to trade at $112.51 per barrel, the highest level since May 2011.
- “Brent crude could surge to the $120 level if the oil market starts to think it is likely that sanctions will be placed on Russian energy.”
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