The intense oil rally raises prices above $ 114 a barrel, as buyers avoid Russian crude after the invasion of Ukraine, while the OPEC + team does its best to ignore the war, which started one of the key of its members.
WTI for April delivery was up 3.3% at $ 114.25 a barrel, while Brent was up 3.7% at $ 117.09.
The invasion has sparked supply concerns in the commodity market, from energy to grain, prompting consumers, including China, to look for raw materials. Buyers continue to shy away from Russian crude as they try to impose economic sanctions on Russia, and traders expect prices to continue to rise. Despite the turmoil, OPEC + is on the sidelines.
The International Energy Agency has warned that global energy security is under threat, and a planned release of crude stockpiles from the US and others has done little to stifle market fears.
It is characteristic that Surgutneftegas failed to sell even a small amount of the Russian crude it offered for the third time.
The United States and its allies have so far ruled out Russian crude exports amid concerns about the impact of rising energy prices on consumers, but trade is hurting as banks withdraw funding and shipment worlds are growing.
“There are real fears of a squeeze in supply. If the situation in Ukraine worsens, then expect another rally,” said an analyst at Samsung Futures.
Source: Capital
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