Oil rises on supply concerns

Oil quotes are rising. As of 7.56 Moscow time, a barrel of Brent oil has risen in price to $108 99 cents, or 2.2% compared to the closing price of the trading session the day before. The cost of a barrel of WTI oil rose to $105.69, or 2.6%. Investors are still concerned about the prospects for the supply of raw materials against the backdrop of a difficult geopolitical situation and sanctions imposed against the RF. Support for the growth of oil prices is also provided by information coming from China. It became known that the country’s authorities have lifted a number of restrictive measures in the city of Shenzhen, introduced earlier to combat the spread of coronavirus. In this regard, the concern of the oil market participants about the reduction in demand has somewhat decreased. The dynamics of oil prices was also influenced by the news about the negotiations between the RF and India on the supply of Russian oil to the country and settlements for it in rupees. Experts note that the global market is likely to remain highly volatile against the backdrop of continued risks associated with supplies.


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Arseny Kudrin

Publicist, trader

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