New York’s West Texas Intermediate Crude Oil (WTI) ended higher on Tuesday (April 12) following OPEC warned regarding risks on its oil supply. If Russian oil sanctions are fully imposed
The WTI crude oil contract was delivered in May. It rose $6.31, or 6.7%, at $100.60 a barrel.
The Brent crude oil contract (BRENT) will be delivered in June. It rose $6.16, or 6.3%, at $104.64 a barrel.
OPEC Secretary-General Mohammad Barkindo warned on Monday at a meeting between the European Union (EU) and OPEC representatives that it would not be able to compensate for the 7 million barrels per day lost in the case. with Russian oil sanctions
Mr Barkindo expects Oil prices are not driven by fundamentals. but will be mainly driven by political factors at present
EU continues to differ on sanctions on Russian crude imports. But some foreign ministers said that Such alternatives are still being considered.
Traders await the release of weekly US crude inventories from the Energy Information Administration (EIA) to be released on Wednesday (April 13), which analysts polled by S&P said. Global Platts expects U.S. crude inventories to rise 300,000 barrels for the week ending Apr 8.
