Oil prices resumed their rise today, after the declines they witnessed this week; Yesterday, US Energy Information and the International Energy Agency raised concerns about supplies and expected prices for the coming months.
According to Arabiya Net, after Brent crude fell yesterday to below $100 a barrel, crude futures contracts for May delivery returned to climb 1.83% to reach $99.81 a barrel.
West Texas Intermediate crude for April delivery rose 1.64% to $96.6 a barrel.
The US Energy Information Administration expected crude oil prices to be above $100 per barrel in the coming months, with the average price of US West Texas Intermediate crude at $113. per barrel in March, and $112 for the second quarter of 2022.
The International Energy Agency said today, Wednesday, that 3 million barrels per day of Russian oil and its products may not reach the market by the beginning of April, in the wake of Russia's invasion of Ukraine.
Oil prices fell yesterday for the fifth time in six sessions, in response to traders' hopes of progress in peace talks between Russia and Ukraine and a sudden increase in US crude stocks.
A frenzied buying spree last week sent Brent briefly above $139 a barrel on fears of a Russian supply disruption. Brent is now $39 below that level and analysts warn that this reflects great optimism that the war will end soon.
The United States and other countries have imposed tough sanctions on Russia since it invaded Ukraine more than two weeks ago. This obstructed Russia's oil trade of more than 4 to 5 million barrels of crude per day.
