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Oil prices climb sharply, with U.S. prices up over 6% for the week

Oil rates climbed sharply on Friday as tensions concerning Russia and Ukraine intensified. “From an electricity standpoint, this could be a seismic occasion,” claimed Phil Flynn, senior market analyst at The Price Futures Team. Russia is not only a big oil producer but Europe, in their hurry to get off of fossil fuels, has “develop into extra dependent on Russia as major supply for their electrical power.” February West Texas Intermediate crude
climbed by $1.70, or 2.1%, to settle at $83.82 a barrel on the New York Mercantile Exchange. For the 7 days, rates based mostly on the entrance-month contract climbed 6.2%, according to FactSet facts.

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Sarah Jackson

Sarah Jackson is dedicated writer on Finance latest trends topics and have enormous knowledge in Finance & Accounting. Sarah is from Leeds, United Kingdom. Her finance and english skills are of top level and able to deal all kind of topics in same category. She also worked in London Stock Exchange.

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