Brent prices rise back above $120/barrel

Oil prices rose on Wednesday with Brent Crude back above $120 a barrel compared to trading at $115.48 a barrel yesterday.

The crude prices surged today as Russia announced that it discusses stopping the longest oil pipeline in the world for two months.

Russia’s president, Vladimir Putin, shocked global markets with instructions to the Central Bank and the cabinet concerning Moscow’s exports in Ruble not US dollar.

Brent crude futures surged $5.38 or 4.7% to trade $120.8 a barrel by 1734 GMT.

U.S. West Texas Intermediate (WTI) crude futures gained $4.8 or 4.4% to $114.1 a barrel.