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The West Texas Intermediate (WTI) oil futures are currently trading at around $48 per barrel this morning. Baker Hughes Inc. reported another...
(Reuters) -Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.
Brent futures rose 94 cents to $75.17 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.14 to $71.24.
That put both crude benchmarks up about 6% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles.
"The Russia-Ukraine escalation has raised geopolitical tensions beyond levels seen during the year-long conflict between Israel and Iran-backed militants," said Saxo Bank analyst Ole Hansen.
Millions of people across the United States remained under winter weather advisories on Friday as two colliding storm systems continue to bring strong winds, rain and snow to much of the country just as people are gearing up for Thanksgiving travel.
"Impactful and for some dangerous weather conditions will continue through early weekend as two separate storm systems impact the Lower 48," the National Weather Service said in a bulletin on Friday.
In California, an atmospheric river is forecast to bring "heavy rain and life-threatening flooding" to northern portions of the state. The Pacific Northwest will see strong wings and "heavy mountain snow." Meteorologists say portions of the Great Lakes, central Appalachians, Pennsylvania and New York could see "heavy snow" into Saturday.
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