Oil prices top $110 despite IEA’s plans to release reserves
by ChemOrbis Editorial Team - content@chemorbis.com
Global oil benchmarks extended their gains during intraday trading on Wednesday due to supply woes amid the conflict between Russia and Ukraine.
On Tuesday, International Energy Agency (IEA) announced plans to release 60 million barrels of oil reserves to assure global oil markets that “there will be no shortfall in supplies”.
As part of the agreement, the US Department of Energy is expected to release 30 million barrels of the crude from the US Strategic Petroleum Reserve.
However, these efforts failed to calm the crude rally. Brent crude sharply increased by $7.76 to $112.73/bbl, indicating its highest level since early July 2014, while WTI crude futures sharply rose by $7.67 to $111.08/bbl during Wednesday sessions.
Meanwhile, OPEC+ —the Organization of the Petroleum Exporting Countries and its allies, including Russia— will hold a meeting on Wednesday to decide on production levels for April.
On Tuesday, International Energy Agency (IEA) announced plans to release 60 million barrels of oil reserves to assure global oil markets that “there will be no shortfall in supplies”.
As part of the agreement, the US Department of Energy is expected to release 30 million barrels of the crude from the US Strategic Petroleum Reserve.
However, these efforts failed to calm the crude rally. Brent crude sharply increased by $7.76 to $112.73/bbl, indicating its highest level since early July 2014, while WTI crude futures sharply rose by $7.67 to $111.08/bbl during Wednesday sessions.
Meanwhile, OPEC+ —the Organization of the Petroleum Exporting Countries and its allies, including Russia— will hold a meeting on Wednesday to decide on production levels for April.
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