Oil Prices Jump To Over $113 A Barrel On Supply Concerns Ahead Of OPEC+ Meeting
NDTV
Oil prices rose as a fall in American crude stockpiles put the focus back on supply shocks ahead of OPEC+ meeting.
Crude prices rose on Wednesday, reversing losses in the previous two sessions when trading tracked the news from Russia-Ukraine peace talks, but a fall in American crude stockpiles put the focus back on supply shocks ahead of the oil-producing nations' meeting.
The benchmark Brent crude March futures were last up nearly 3 per cent to trade over $113 per barrel, after having fallen 2 per cent in the previous session and about 7 per cent on Monday.
Brent prices at one point fell over 6 per cent to a low of $106 a barrel on Tuesday. Still, they reversed some of those losses after the American Petroleum Institute (API) industry group reported crude stocks fell by 3 million barrels in the week ending March 25.
US West Texas Intermediate (WTI) crude futures rose 3 per cent to over $107 a barrel, erasing a 1.6 per cent drop on Tuesday.
