LAST UPDATE 15:25
Oil prices are rising by more than 6% now following the announcement of the International Energy Agency (IEA) that markets could lose 3 million barrels a day of Russian crude oil and refined products by April.
The loss of these supplies will be much greater than the expected drop in demand of 1 million barrels per day, caused by higher fuel prices, according to the IEA.
Brent futures rose 6.8% to $ 104.74 a barrel after three consecutive bearish sessions.
Correspondingly, the American West Texas Intermediate sees its price increase by $ 6.1 or 6.5% to $ 101.24 per barrel.
Both contracts were broken yesterday, following an unexpected rise in crude stockpiles and signs of progress in Russia-Ukraine peace talks.
“Market enthusiasm for geopolitical developments is waning, which is helping to squeeze some ‘bubbles’ in oil prices. “It’s time to dump her and move on.”
Prices had fallen in previous sessions after news that U.S. oil inventories rose 4.3 million barrels a week to March 4, to 415.9 million barrels, beating estimates for a fall of 1.4 million. Barrels.
At the same time, the price of natural gas shows controlled upward trends, which is 112 euros with + 9.1%.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
