© Archyde.com/Angus Mordant
File image of a crude oil storage tank in Mentone, Texas, USA.
By Ahmad Ghaddar
LONDON, March 17 – Oil prices rose 4% on Thursday, following the International Energy Agency (IEA) said that three million barrels per day (bpd) of Russian oil and products might be missing from next month already. despite the US Federal Reserve’s decision to raise rates.
* The supply loss would be much larger than the expected 1 million bpd drop in demand caused by rising fuel prices, the IEA said on Wednesday.
* Brent crude futures were up $4, or 4.1%, at $102.02 a barrel by 0926 GMT. US West Texas Intermediate (WTI) crude was up $3.82, or 4%, at $98.86 a barrel.
* Both contracts fell the day before, following an unexpected rise in US crude stockpiles and signs of progress in peace talks between Russia and Ukraine.
* Morgan Stanley raised its Brent price forecast by $20 for the third quarter of 2022 to $120 a barrel, forecasting a drop in Russian output of around 1 million bpd from April. That decline will more than offset a downward revision to global demand of some 600,000 bpd, he noted.
* Prices fell on Wednesday following news that US oil inventories rose by 4.3 million barrels in the week to March 11, to 415.9 million barrels, according to the US Energy Information Administration. Joined.
* The oil market did not take into account the decision of the US Federal Reserve to raise interest rates by a quarter of a percentage point, as expected.
(Additional reporting by Muyu Xu in Beijing; Editing in Spanish by Javier Leira)
