Oil prices rise 3% following the announcement of the International Energy Agency (IEA) that markets could lose 3 million barrels a day of Russian crude oil and refined products by April.
The loss of these supplies will be much greater than the expected drop in demand of 1 million barrels per day, caused by higher fuel prices, according to the IEA.
Brent futures rose 3.1% to $ 101.09 a barrel, after three consecutive falling sessions.
US West Texas Intermediate was up $ 2.8, or 3%, at $ 97.84 a barrel.
The price of gas rose 5.2% to $ 108,010.
Both contracts fell the day before, following an unexpected rise in crude stockpiles, and signs of progress in Russia-Ukraine peace talks.
“Market enthusiasm for geopolitical developments is waning, which is helping to squeeze some ‘bubbles’ in oil prices. “It’s time to dump her and move on.”
Prices had fallen in previous sessions after news that U.S. oil inventories rose 4.3 million barrels a week to March 4, to 415.9 million barrels, beating estimates for a fall of 1.4 million. Barrels.
Source: Capital
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