Global oil prices rising

Global oil prices rose on March 16 morning after falling 12% over the previous two days, Report informs.

Brent oil returned to $100 per barrel.

The price of May futures for Brent rose by 1.42% to $101.33 per barrel, April futures for WTI grew by 2.12% to $98.48.

At the same time, since the beginning of the week, against the backdrop of new outbreaks of coronavirus, oil prices have fallen sharply, moving away from multi-year highs. Several cities in China have tightened coronavirus restrictions after reports of new infections.

Restrictive measures, including those sharply reducing transport activity, reduce the demand for gasoline and other petroleum products.

At the same time, on March 16 night, the American Petroleum Institute (API) reported that stocks for the week to March 11 increased by 3.754 million barrels, although a decline was predicted.