Global oil prices rise amid expected supply cuts

Global oil prices rose on April 27 morning, while investors continue to assess the prospects for a partial cessation of the supply of Russian raw materials to the world market, Report informs referring to the auction data.

The price of July futures for Brent crude rose by 0.34% to $104.97 per barrel, June futures for WTI - by 0.15% to $101.85.

Forecasts for a reduction in supplies are caused by news about the termination of gas exports from Russia to certain European countries: Bulgaria and Poland due to refusal to pay in rubles.

According to analysts, oil prices are receiving support thanks to the escalation of international tensions, when Russia began to cut off gas supplies to the EU.

This is just the beginning, so oil could remain in the black when the EU stops gas supplies, which will provoke a domino effect across the continent, they said.