Oil prices rose on Thursday amid supply concerns as the European Union confused a potential ban on Russia’s oil imports a few days after the decline in supply from London — Libya rocked the market. ..
Brent crude oil futures rose $ 1.13 (1.1%) at 1228 GMT to $ 107.93 a barrel. Crude oil futures at West Texas Intermediate (WTI) rose 81 cents (0.8%) to $ 103 a barrel.
Market volatility could soon recover as the EU is still considering a ban on Russia’s oil because of the invasion of Ukraine, which Moscow calls a “special military operation.” Said it was expensive.
Libya, a member of OPEC, said Wednesday that the country was losing more than 550,000 barrels of oil per day due to blockades at major oil fields and export terminals.
The oil market struggled to meet OPEC and Russia-led allies (called OPEC +), resulting in a significant decline in US crude oil reserves during the week ending April 15. It’s still tight.
“The global supply of oil is still limited,” UBS said in a memo.
“Only two OPEC + alliance countries, Saudi Arabia and the United Arab Emirates, have considerable reserves, so the group is sticking to a cautious approach to unwinding pandemic-related production cuts.”
China’s demand outlook continues to weigh on markets as the world’s largest oil importers slowly ease the strict restraints on COVID-19 that have hit manufacturing and the global supply chain.
Meanwhile, the Black Sea terminal of the Caspian Pipeline Consortium could return to full operation this week, Kazakhstan’s energy minister, Bolat Akchulakov, said Wednesday.
Bandanahari, founder of Banda Insight, an oil market analysis provider, said: ..