Oil prices continue to rise at a rapid pace

On Wednesday morning, the global oil market witnessed a sharp rise in quotations. By 7:55 am Moscow time, the cost of a barrel of Brent oil jumped by 4.89%. It’s reached $110.10. A barrel of WTI oil has risen in price by this time to $108.55, or 4.97%. Earlier during the night trades, the price of Brent rose to $111, while the cost of WTI approached $110.

The main drivers of the growth of oil prices were the factors associated with the deterioration of the geopolitical situation. Investors fear disruptions in Russian oil supplies. In addition, many foreign energy companies stop working in the Russian Federation. Investors are also evaluating data on the dynamics of inventories, which the United States Department of Energy released yesterday. They testify to the fall in oil reserves following the results of the past week by 6 million 100 thousand barrels. Market participants are also awaiting the outcome of the OPEC+ meeting. It is not yet clear what decision on the volume of production the alliance can make in the current situation.

Источник: xCritical.com