Oil prices rise more than 8% after warning of ‘supply crisis’
The price of Brent crude, the international benchmark, rose 8.8% to $106.64 a barrel. Meanwhile, the price of US West Texas Intermediate (WTI) crude oil rose 8.4% to $102.98 a barrel.
Earlier, on March 16, the International Energy Agency (IEA) warned that sanctions economy from the US and the West could reduce Russia’s oil production by 3 million bpd from April. The agency added that Russia’s oil exports will also fall by 2.5 million bpd.
The price of Brent crude, the international benchmark, rose 8.8% to $106.64 a barrel. (Photo: Getty Images
The IEA predicts this scenario could lead to “the biggest oil supply crisis in decades”.
The oil market has been volatile since Russia launched its military operation in Ukraine on February 24. This month, oil prices climbed to $140 per barrel at one point due to concerns about supply disruptions and fuel shortages. This week, oil prices fell below $100.
In addition to the Ukraine crisis, the oil market now has new concerns that supply from China will decrease in the context of the country’s blockade of some major financial centers to prevent the COVID-19 epidemic.
at Blogtuan.info – Source: vtc.vn – Read the original article here
