LAST UPDATE 17:45
Oil prices are rising by more than 8% 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 8% to $ 105.8 a barrel after three consecutive bearish sessions.
Correspondingly, the American West Texas Intermediate sees its price increase by 7.3% to $ 101.9 a 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 now formed in 107 euros with + 4.2%while at the high of the day they were found up to 113.6 euros.
Source: Capital
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