Oil prices rose again on Monday as concerns about limited supply persisted, despite the release of supplies from the strategic stocks of major consumer countries and the truce in Yemen, which sparked hopes that supply problems in the Middle East would subside.
Brent futures rose 9 cents, or 0.09%, to $ 104.48 a barrel, while US crude traded at $ 99.3 a barrel, up 0.03%.
The United Nations has called for a two-month truce between the Saudi-led coalition and the Houthis for the first time in seven years.
Saudi Arabia’s oil facilities have been attacked by the Houthis during the conflict, urging Russia to cut off supplies.
Oil prices fell 13 percent last week as US President Biden announced that about 1 million barrels of oil a day would be released from US strategic reserves for six months, starting in May.
“Joint efforts by the United States and its allies could temporarily offset supply shortages in 2022, but may not be a long-term solution,” analysts said.
Source: Capital
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