Oil prices continue to rise under the influence of Russia. The Russian invasion caused supply concerns in many commodities, from energy to grain, which drove commodity prices to peaks.
Traders state that the rally in oil prices may continue.
OPEC + members decided to continue their production increase of 400 thousand barrels per day in April, as expected at yesterday's meeting. Mexican Energy Minister Racio Nahle stated that the Russian issue was not on the agenda at the meeting of the Saudi Arabia-led coalition yesterday.
The International Energy Agency warned the previous day that global energy security is under threat. Although the USA and some countries opened up the strategic oil reserves, this was not enough to calm the markets. The United States and its allies avoided imposing sanctions on Russia's crude oil exports due to the rise in prices. However, energy giants such as BP, Shell and Exxon Mobil terminated their activities in Russia.
Kim Kwangrae, a Commodity Analyst at Seoul-based Samsung Futures, stated that there are concerns that supply will tighten, and that there may be more rallies in prices if the Ukraine crisis worsens.
The barrel price of West Texas-type crude oil for April delivery rose 3.3 percent to $114.25 on Nymex, while Brent oil for May delivery rose 3.7 percent to $117.09 on ICE.
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