Oil prices are rising sharply today after Moscow stressed that peace talks with Ukraine had reached a stalemate, fueling supply concerns, while weak economic data from China and Japan kept the rate low.
Brent was up 0.2% at $ 104.86 a barrel while west texas intermediate was up 0.1% at $ 100.68 a barrel. Both contracts were up more than 6% on Tuesday.
“The fall in oil prices is limited,” said an OANDA analyst, citing deadlocked peace talks and remarks by US President Biden accusing Russia of genocide.
“These reinforce the view that the situation between Ukraine and Russia will not escalate soon,” he added.
Crude oil contracts are also backed by a reduction in Russian oil and gas production to 10 million barrels per day, the lowest level since July 2020.
However, some weak economic data from China and Japan have limited the rise in oil prices.
Argon imports from China fell 14% year-on-year, widening a two-month decline as tighter coronavirus restrictions hit demand for the world’s largest importer of argon.
Japan also reported the biggest monthly drop in machine orders in two years in February, mainly due to a sharp drop in demand for IT and other service companies.
Source: Capital
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