Global oil prices rise on continuing supply concerns

Global oil prices on March 1 morning rose by 1% amid concerns about supplies among traders, Report informs referring to the auction data.

Brent's May futures rose by 1.01%, to $98.96 per barrel, and April futures for WTI grew by 0.88%, to $96.56 per barrel.

Traders still fear interruptions in oil supplies due to the situation around Ukraine. Earlier, a number of countries decided to impose sanctions against Russia after Russian President Vladimir Putin announced his decision on a special military operation.

Meanwhile, reports of the release of oil from strategic reserves do not exert any significant pressure on oil prices. On February 28, the Wall Street Journal said the US and member countries of the International Energy Agency (IEA) can release 70 million barrels of oil from strategic reserves.

Uncertainty about how the situation in Ukraine will evolve contains too many risks, according to Oanda analysts quoted by the newspaper, meaning that any decline in prices on announcements of the release of oil from the strategic reserve will be short-lived.