Oil prices fall amid mixed supply signals

Oil prices fell on Thursday, with limited trading in view of an official holiday, as traders considered the impact of a larger-than-expected increase in US oil inventories in the face of global supply shortages.

THE future on Brent crude oil fell $ 1.14, or 1.1 percent, to $ 107.64 a barrel, while the price of future West Texas Intermediate crude fell $ 1.32, or 1.3 percent, to $ 102.93 a barrel.

The two benchmarks ignored the rise in US stocks yesterday, Wednesday, closing around $ 4.

The International Energy Agency warned Wednesday that from May in then nearly 3 million barrels a day of Russian oil supplies could be cut due to sanctions and a voluntary embargo.

The founder of oil market analyst Vanda Insights, Vandana Hari, said that the possibility of the European Union imposing an embargo on Russian oil is almost non-existent, but no one can or wants to say this explicitly.

“But just throw it in round would be enough to maintain the risk premium, “he added.

Despite signs that global supply disruptions may continue, U.S. oil stocks increased by more than 9 million barrels last week, according to the U.S. Energy Information Administration on Wednesday. in partly due to a decline in strategic stocks.

Analysts interviewed by Reuters had expected shares to rise by 863,000 barrels.

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