A barrel of North Sea Brent for May delivery thus ended up 8.8% at $106.64 in London.
While the West Texas Intermediate (WTI) for April gained 8.4% to 102.98 dollars in New York.
“Oil prices accelerated higher after US Secretary of State Antony Blinken said he sees no signs Vladimir Putin is ready to stop and the US fears China might consider helping Russia.” said Edward Moya, an analyst at Oanda.
“It doesn’t look like this war is going to be over any time soon and that probably means oil prices could go up again sharply.”predicted the analyst.
At Confluence Investment, Bill O’Grady noted that “Energy market fundamentals are truly bullish.”
“I don’t know how much oil and gas the Russians still manage to export, but it must be reducing” volume, he told AFP.
“I am watching with great interest if the Russians are filling their reservoirs and if they will be forced to cut production, which would lead to real hardship in real life,” warned.
“The Russian invasion continues to dictate price developments to a certain extent, given its (Russia’s) global importance in terms of supply,” summed up Victoria Scholar of Interactive investor. Russia is the world’s second largest oil exporter.
Prices were also raised by the monthly report of the The International Energy Agency (IEA) said on Wednesday that it fears a strong “impact” on the world oil supply as a result of the sanctions on Russia for the invasion of Ukraine, and estimated that Russian oil cannot be replaced immediately.
Source: Ambito
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