With a ‘jump’ of more than 8%, he returned over $ 100 in crude

Fears of a possible shock to the oil market in the coming weeks and the withdrawal of a possible peace deal in Ukraine restored oil above $ 100 a barrel on Wednesday, after three losses.

The rise in prices was fueled today by statements by Kremlin spokesman Dmitry Peshkov that the Russian delegation is ready to negotiate with the Ukrainian side around the clock, but there is no zeal on the part of Ukraine.

The Russian official even denied yesterday’s publication of the Financial Times that Kyiv and Moscow have made significant progress in a provisional 15-point peace plan, saying that “it is not true, there is evidence that is right, but on the whole it is wrong.”

Hopes for a diplomatic solution have faded even further after Western officials said a very large gap remains between the two sides, adding that Russian President Vladimir Putin does not appear to have any intention of compromising.

Meanwhile, the adviser to the Ukrainian president, Mikhail Pontoliak, called on “those who are NOT in the negotiations not to spread lies in a country at war.” “Negotiations are complex. The positions of the parties are different. For us, fundamental issues are inviolable,” he wrote on Twitter, confirming that reaching a peace agreement is still a long way off.

A development that intensified the fears expressed yesterday by the International Energy Agency (IEA) for “shock” in the global oil supply, after the sanctions imposed on Russia due to its invasion of Ukraine, while revising downwards its forecasts for demand in 2022.

The agency estimates that as of April, 3 million barrels of Russian oil a day could no longer be available on the market, an amount that could increase if sanctions become more severe or if Russia’s public condemnation becomes larger.

In the face of these losses, “there is little evidence of an increase in supply from the Middle East or a significant redistribution of trade flows,” the IEA said.

So, after three days of losses, the crude contract was strengthened today, returning above the psychological limit of $ 100 a barrel.

West Texas Intermediate crude for April delivery rose $ 7.94, or nearly 8.4 percent, to close at $ 102.98 a barrel. It was at $ 95.04 yesterday, the lowest level since February 25, a day after the Russian invasion, according to Dow Jones Market Data.

Brent crude traded up $ 8.62, or 8.8%, to close at $ 106.64, up from $ 98.02 a barrel yesterday.