OIL PRICE: BRENT ABOVE $102, WTI ABOVE $97
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent climbed $1.05 or 1.%, to $102.12 a barrel, WTI rose 86 cents, or 0.9%, to $97.09 a barrel.?
Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16.?
International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices amid supply fears following Russia's invasion of Ukraine.
Japan will release 15 million barrels of oil from state and private reserves as part of the move, Kyodo news agency reported on Thursday.
"Although this is the biggest release since the stockpile was created in 1980, it will fail to ultimately change the fundamentals in the oil market," ANZ bank said about the U.S. release.
ANZ argued that the release is likely to delay further increases in output from key producers and could give OPEC+ more "breathing room amid calls to increase output further".