Oil prices continue to rise as worries about a possible supply disruption amid the Russian invasion of Ukraine offset the effects of news of the start of talks on a coordinated release of crude stockpiles to calm markets.
Brent derivatives are up close to 1% at $ 98.88 a barrel. Last week it had hit a seven-year low of $ 105.79 with the start of the Russian invasion.
WTI futures rose 0.8% to $ 96.5, while yesterday it had reached $ 99.10.
Concerns about supply cuts have pushed prices higher as talks between Russia and Ukraine ended with officials returning to their capitals for further consultations, suggesting a solution to the conflict is not immediate.
“The fragile situation in Ukraine and the economic and energy sanctions against Russia will keep the energy crisis and oil alive well above $ 100 a barrel in the short term, and even higher if the conflict escalates further,” said an Energy analyst.
Buyers of Russian oil are struggling to pay for the ship and its availability, as Western sanctions prevail in response to the Russian invasion.
Market sentiment is being fueled by the fact that the US and its allies are discussing a coordinated release of crude stockpiles to mitigate supply disruptions.
This release could amount to 60-70 million Barrels per day.
Source: Capital
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