After Russia’s invasion of Ukraine, buyers stay away from Russia, triggering the rise in oil.
Oil prices continue to rise under the influence of Russia. The Russian invasion caused supply concerns in many commodities, from energy to grain, which drove commodity prices to peaks.
Traders state that the rally in oil prices may continue.
OPEC + members decided to continue their production increase of 400 thousand barrels per day in April, as expected at yesterday’s meeting.
The International Energy Agency warned that global energy security is under threat.
Although the USA and some countries opened up the strategic oil reserves, this was not enough to calm the markets. The United States and its allies avoided imposing sanctions on Russia’s crude oil exports due to the rise in prices. However, energy giants such as BP, Shell, and Exxon Mobil terminated their activities in Russia.
The barrel price of West Texas-type crude oil for April delivery rose 3.3 percent to $114.25 on Nymex, while Brent oil for May delivery rose 3.7 percent to $117.09 on ICE.