WTI surpasses $100.00 as IEA renews supply shortage worries By Sagar_Dua24 Oil Fed Ukraine OPEC
The expectation of supply shortage from Russia has already been discounted by investors.West Texas Intermediate , futures on NYMEX, has rebounded sharply after hitting a low of $92.37 on Tuesday. Thehave increased around 9% overnight on renewed fears of supply worries due to sanctions on Russia by the Western leaders. Investors should be informed that the Russian economy attracted sanctions from the West on its invasion of Ukraine, three weeks back.
The statement from the IEA has impacted positively for the oil prices but investors must keep in mind that the previous rally in the oil prices was banked upon the expected shortage of supply from Russia. Therefore, the impact is known to the market and the rebound in oil prices is mere a pullback and not a reversal.The Energy Information Administration reported higher oil stockpiles on Wednesday. The oil stockpiles figure landed at 4.345M outperformed the preliminary estimate of -1.
France Dernières Nouvelles, France Actualités
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