LAST UPDATE: 10.21
Oil prices are rising as Ukrainian forces resist Russian attacks, while major oil producers have said they are finding it difficult to produce the quotas they have been given under a supply deal.
Brent crude rose 1.8% to $ 109.89 a barrel, after rising 1.2% last Friday.
US West Texas Intermediate was up 2% at $ 106.79 a barrel, up 1.7% on Friday.
Prices moved higher as the Deputy Prime Minister of Ukraine, Iryna Verschuk said that there is no possibility of the country’s forces surrendering to the besieged Mariupol.
With little sign of easing the conflict, the focus is on whether the market will be able to replace the Russian oil barrels hit by the sanctions.
“The market continues to worry about supply problems, with data suggesting they are already having an impact,” said ANZ analysts.
The latest OPEC + report showed that some producers still do not meet the agreed quotas for the supply of oil.
The two OPEC countries that have the capacity to increase production immediately, Saudi Arabia and the United Arab Emirates, have so far resisted calls from major countries to increase production faster to help lower oil prices. .
In 20 days low gas in Europe
The price of gas in Europe, moreover, fell on Monday morning to a 20-day low, specifically from March 1, in a combination of continued supply from Russia and forecasts for milder weather in the coming period.
The Dutch gas contract, a reference point on the European continent, was falling at 10.07 p.m. Greek time by 6.32%, at 98.40 euros per megawatt hour.
Gas flows through Ukraine remain stable and Russia’s state-owned Gazprom says there are no problems with the transit of quantities it sends to Europe.
Source: Capital
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