London (Reuters)
Oil prices rose about 3 percent on Thursday after the International Energy Agency said markets could lose 3 million barrels per day of crude and refined products from Russia from April. Fuel price hike.
Brent crude futures, the global benchmark, rose $3, or 3.1 percent, to $101.09 a barrel at 0844 GMT, after falling for three consecutive sessions.
US West Texas Intermediate crude also rose $2.8, or 3 percent, to $97.84 a barrel.
The two contracts fell yesterday when they settled, following an unexpected jump in US crude stocks and indications of progress in the Russian-Ukrainian talks.
“The market’s enthusiasm for trading is waning based on the geopolitical implications, helping to pull some premiums out of oil prices. It’s time to re-evaluate various factors,” said Wang Xiaolong, researcher at Guotai Junan Futures.
The market largely ignored the Federal Reserve’s decision on Wednesday to raise interest rates by a quarter of a percentage point, as expected.
Market sentiment was supported by China’s pledge of policies to support financial markets and economic growth, while a drop in new COVID-19 infections in China raised hopes that the authorities would lift travel restrictions and allow factories to resume production in cities subject to general closure.
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