OIL PRICE: BRENT NEAR $105, WTI NEAR $102
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent was up $2.35, or 2.41%, to $104.84 a barrel, WTI climbed $2.2, or 2.24%, to $101.97 a barrel.
Oil prices have slumped with commodities and share markets this week, on worries about the hit to economic activity from prolonged COVID curbs in China and sharp interest rate hikes in the United States.
However the supply side still faces challenges.
The EU has proposed an embargo on Russian oil, but a vote, which needs unanimous support, has been delayed as Hungary has dug in its heels in opposition and other European nations have voiced concerns that their economies could suffer.?
The impact of the embargo could be limited if the ban is watered down to ease the concerns of eastern European members, but analysts said oil prices could still rise.
Highlighting supply concerns, United Arab Emirates energy minister Suhail al-Mazrouei warned on Tuesday that when fuel demand recovers from the coronavirus pandemic, the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+, may not be able to meet demand without further investment.