On the back of unexpected OPEC+ production cuts, Oil and related stocks have gained renewed momentum this week.
Over the past few weeks, many companies imposed sanctions on Russia in an effort to halt Russia’s military activities in Ukraine. Despite the losses incurred by these companies, on Tuesday, other major names in the field joined the wave of sanctions. How could this affect their stocks?
Oil and Brent Oil both showed gains compared to last week’s prices as of Monday morning, perhaps due to the geopolitical crisis between Russia and Ukraine. Some analysts are raising the possibility of petrol prices peaking above $100 again in response to sanctions and supply constraints.
Oil dropped after the U.S. asked some of the biggest Oil-consuming countries to join it by tapping into stockpiles to manage global energy prices, according to people familiar with the matter.
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