Oil prices rise on supply concerns
New York Rep. Nicole Malliotakis and Tennessee Rep. Mark Green weighs in on misinformation campaigns regarding US energy.
Oil futures rose Thursday night, grabbing back some of the prior day’s losses.
The International Energy Agency (IEA) said a decline in oil demand due to higher prices would not offset a shut-in of Russian oil supplies, according to Reuters.
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US West Texas Intermediate (WTI) crude was up $ 1.17, or 1.2%, to $ 96.20 a barrel.
Brent crude futures were up about $ 1[ads1].12, or 1.1%, to $ 99.19 a barrel.
Both contracts had settled lower Wednesday, following an unexpected jump in US crude stockpiles and signs of progress in Russia-Ukraine peace talks.
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US crude had settled down 1.08% at $ 95.04 a barrel, while Brent settled down 1.9% at $ 98.02 a barrel.
An IEA report said some 3 million barrels per day of Russian oil output could be shut-in due to Western sanctions and as buyers snub Russian exports. That would exceed a 1 million bpd drop in demand anticipated as a result of higher prices.
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Oil inventories in the US climbed by 4.3 million barrels in the week to March 11 to 415.9 million barrels, according to the US Energy Information Administration, surpassing analysts’ expectations for a decline of 1.4 million barrels.
