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[size=38]Oil Rises One Dollar With Tight Supplies
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04/07/2022 | 10:15 AM
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04/07/2022 | 10:15 AM
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The Information/Baghdad…
Oil prices compensated for some losses, Thursday, after it plunged more than 5% to its lowest level in three weeks in the previous session, after consuming countries announced a massive liberation of oil from emergency reserves to compensate for lost supplies from Russia, but with the compensation remained Oil supplies are scarce.
Brent crude futures rose $1.70, or 1.68 percent, to $102.77 a barrel by 04:30 GMT, while US West Texas Intermediate crude futures rose $1.42, or 1.48 percent, to $97.65 a barrel.
International Energy Agency member states agreed to release 60 million barrels in addition to the 180 million barrels that the United States announced last week to help bring prices down in a tight market in the wake of Russia's invasion of Ukraine.
Analysts said that even with the release of emergency oil stocks, supply remained tight.
Stalled indirect talks between Iran and the United States on reviving a 2015 deal over Tehran's nuclear program further delayed the prospect of lifting sanctions on Iranian oil, keeping the market tight. finished/25 d
Oil prices compensated for some losses, Thursday, after it plunged more than 5% to its lowest level in three weeks in the previous session, after consuming countries announced a massive liberation of oil from emergency reserves to compensate for lost supplies from Russia, but with the compensation remained Oil supplies are scarce.
Brent crude futures rose $1.70, or 1.68 percent, to $102.77 a barrel by 04:30 GMT, while US West Texas Intermediate crude futures rose $1.42, or 1.48 percent, to $97.65 a barrel.
International Energy Agency member states agreed to release 60 million barrels in addition to the 180 million barrels that the United States announced last week to help bring prices down in a tight market in the wake of Russia's invasion of Ukraine.
Analysts said that even with the release of emergency oil stocks, supply remained tight.
Stalled indirect talks between Iran and the United States on reviving a 2015 deal over Tehran's nuclear program further delayed the prospect of lifting sanctions on Iranian oil, keeping the market tight. finished/25 d
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