March 31, 2023

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Oil prices fall amid mixed signals from supplies

Oil prices fall amid mixed signals from supplies

In limited trade ahead of the official holiday, oil prices fell on Thursday; Traders are examining the impact of a larger-than-expected increase in U.S. oil reserves in the face of global supply shortages.
Brent crude was down $ 1.14 or 1.1 percent at $ 107.64 a barrel, while West Texas Intermediate crude futures were down $ 1.32 or 1.3 percent at $ 102.93. Both criteria ignored the rise in US reserves, which closed at about four dollars on Wednesday.
The International Energy Agency warned on Wednesday that from next May, nearly three million barrels a day of Russian oil supplies could be cut off due to sanctions and sanctions.
Vandana Hari, founder of oil market analyst Vanda Insights, said the possibility of an EU embargo on Russian oil was not practical, but no one wanted to say or say it openly. “But it will be enough to maintain the risk premium,” he added.
U.S. oil stocks rose more than nine million barrels last week, despite signs that global supply disruptions may continue, the U.S. Energy Information Administration said Wednesday, partly because of strategic stock declines. Analysts conducted by Reuters expected the shares to rise 863,000 barrels. (Reuters)

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