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Oil prices soar 8% as Ukraine conflict stokes supply concerns

Category: Economy

Date: 2022-03-01T17:02:36+0000
Oil prices soar 8% as Ukraine conflict stokes supply concerns

Shafaq News / Oil prices surged 8% on Tuesday as talks about a coordinated global crude stocks release failed to calm fears about supply disruptions from the Ukraine crisis and sanctions against Russia.

Brent futures for May delivery rose $7.83, or 8.0%, to $105.80 a barrel by 10:46 a.m. EST (1546 GMT). U.S. West Texas Intermediate (WTI) crude for April rose $8.27, or 8.6%, to $103.99.

During the session, Brent hit its highest since August 2014 and WTI its highest since July 2014. WTI was headed for its biggest daily percentage gain since May 2020, with Brent headed for its biggest since August 2021.

The session highs for U.S. distillates and gasoline futures also were the highest since 2014.

Member countries of the International Energy Agency (IEA) discussed releasing 60 million barrels from oil stocks from their strategic petroleum reserves (SPR) in an effort to cool prices.

"Oil's climbing the Ukraine war wall of worry," said John Kilduff, partner at Again Capital in New York.

He said traders might have been disappointed that IEA countries were only looking to release about 60 million barrels from SPR.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, known as OPEC+, are due to meet on Wednesday.

"OPEC(+) will likely stick to its original plan of a monthly 400,000 barrels per day (bpd) increase, which will not alleviate fears," said Tamas Varga at PVM Oil Associates.

Source: Reuters

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