Oil Prices Jump As Russia Mobilizes Military Troops

Brent crude oil, the international benchmark, rose $2.26 U.S. to $92.88 U.S. per barrel, while
West Texas Intermediate (WTI) crude oil, the American standard, was up $2.15 U.S. to $86.09
U.S. a barrel.

The rise in oil prices comes after Putin said he is mobilizing more military personnel to defend
Russian territory and that the West plans to destroy his country.

Oil prices hit multi-year highs in March of this year after Russian forces first invaded Ukraine.

Separately, three Chinese state oil refineries and a private refiner have said that they are
considering increasing their output by 10% in October as demand for oil and natural gas is
expected to strengthen heading into the cold winter months.

The U.S. government announced that it does not anticipate a breakthrough on reviving the 2015
Iran nuclear deal at this week's United Nations meeting, lowering the likelihood that Iranian oil
products will return to the international market anytime soon.

The Organization of the Petroleum Exporting Countries is currently falling a record 3.58 million
barrels of oil per day short of its production targets, or about 3.5% of global demand. Analysts
say the shortfall highlights the tightness of oil supplies around the world.

Meanwhile, U.S. crude oil and fuel stockpiles rose by about one million barrels for the week
ended September 16, according to the American Petroleum Institute.