'Reserve' drop in oil prices stopped

The decline in oil prices stopped after the International Energy Agency (IEA) announced that more emergency reserves would be made available.

While US crude oil came above $ 97 again, Brent oil was also traded above $ 102.

Oanda Asia Pacific Senior Market Analyst Jeffrey Halley commented on the oil market, "The war is still going on, the Russian sanctions are also tightening, and there is still a structural deficit in oil supply due to the war and sanctions, despite the strategic oil reserves being put to use."

UEA's statement had lowered prices
Prices slumped after the IEA announced that it would open an additional 120 million barrels of oil from emergency reserves to provide assurance that it would ease the supply shortages in global oil markets due to the Russia-Ukraine War.

UEA President Fatih Birol, in a statement on his Twitter account, noted that 60 million barrels of the 120 million barrels to be put on the market will be met from the strategic oil reserves of the USA.

Birol stated that the details of how much the other member countries will contribute will be shared with the public as soon as possible.

Britain's new sanctions decisions were also closely watched by the oil markets.

By the end of 2022, the UK has announced that it will end all dependence on Russian coal and oil, and then end gas imports as soon as possible thereafter. It was also reported that starting next week, exports of important oil refining equipment and catalysts will be banned in order to reduce Russia's ability to produce and export oil.