Oil prices closed higher on Monday as concerns about the risk of global supply disruptions rose amid a barrage of Western sanctions against Russia for invading Ukraine.
In particular, the crude for April delivery gained $ 4.13 or 4.5% and climbed to $ 95.72 a barrel. This is the highest closing since August 2014, with crude gaining a total of 8.6% on a monthly basis.
Brent crude for April delivery was up $ 3.06, or 3.1%, at $ 100.99 a barrel. The contract – which expired at the close of trading – climbed to its highest level since September 2014, closing the month with a total profit of 10.7%.
The May contract, the closest contract now, rose $ 3.85, or 4.1%, to $ 97.97 a barrel.
The members of the International Energy Agency are meeting tomorrow against the backdrop of the rally of oil prices. According to foreign agencies, the members of the Agency may agree to release some of their strategic reserves in order to ease the upward pressure on prices. According to a WSJ report, the US and other major countries are considering releasing about 70 million barrels of oil from their strategic reserves.
Meanwhile, European gas contracts were found to rally up to 36% earlier today, only to later cut their profits to around 5%. The latest European Union sanctions have provoked a sharp reaction from the Russian Foreign Ministry, which warned with a “tough response”.
Source: Capital
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