Oil prices varied during trading on Thursday, as crude prices witnessed sharp fluctuations between rise and fall due to threats to supplies due to the war in Ukraine.
The anticipation of the outcome of the upcoming meeting between US President Joe Yeiden and European leaders also contributed to the fluctuation of oil prices.
Biden will meet with members of NATO, the Group of Seven, and the European Union in Brussels today, and the meeting is expected to witness the announcement of more sanctions against Russia, and a visit to Poland is scheduled for tomorrow. Friday, which hosts the largest number of displaced Ukrainians.
With regard to the situation in China, the worst wave of the virus outbreak there in two years prompted some refineries to reduce their operations, as analysts rethought demand estimates as the closures caused Strict consumption limitation.
Ben Lowcock, co-head of oil trading at commodity trading Trafigura, said in comments on the sidelines of the Financial Times Global Commodities Summit that oil prices would rise to $150 this summer.
In terms of trading today, Brent crude futures for May delivery rose by 0.2% to reach $121.84 a barrel.
In contrast, the prices of US NYMEX crude contracts for May delivery fell today by 0.23% at the level of 114.66 dollars per barrel.
