International oil prices continued to rise on Wednesday after gains of more than 6% on Tuesday due to the war in Ukraine, which has resurfaced fears about the future supply of crude.
Thus, the barrel of West Texas Intermediate (WTI) for delivery in May rose 3.62%, quoted at $104.25 In New York.
Meanwhile, in London, the barrel of Brent of the North Sea for delivery in June gained 3.95%, closing at $108.78.
Since the beginning of the year, crude oil prices have accumulated an increase of more than 35 percent.
The increase in commercial crude oil reserves in the United States (9.4 million barrels -mdb- last week), did not stop the rise in prices, in a market that attributes the increase in stocks to a temporary reduction in the refining capacities of the world’s leading producer.
“Concerns about the supply” of crude “resurface in the context of the conflict” that continues in Ukraine and “Moscow’s refusal to reactivate peace negotiations,” said Susannah Streeter, an analyst at the consulting firm Hargreaves Lansdown.
“It becomes clear that the planned release of 240 million barrels by IEA member countries will not help to resolve the imbalance between supply and demand, which is also supporting prices,” added Victoria Scholar, an analyst at Interactive investor firm.
The International Energy Agency (IEA) revised global oil demand slightly down on Wednesday due to lockdowns to combat Covid-19 in China.