The official, who spoke to reporters on condition of anonymity, added that the sanctions imposed by the administration of President Joe Biden on Russia over Ukraine are not intended to disrupt global energy markets, and are unlikely to cause that..
Crude oil prices approached $100 a barrel after Moscow ordered the deployment of troops to two breakaway regions in eastern Ukraine.
On the other hand, Bank of America Global Research said that the price of the global benchmark Brent crude may rise between five dollars to 20 dollars, depending on the severity of the crisis between Russia and Ukraine, adding that prices may fall between two and four dollars if the escalation of tension decreases..
The bank expects Brent to head to $120 per barrel by mid-2022, with demand expected to increase by 3.6 million barrels per day, exceeding pre-pandemic levels to about 101 million barrels per day this year.