Oil price rises on world markets

World oil prices on Thursday morning rose as part of a correction; on Wednesday, quotes fell by an average of 12% due to news from OPEC + about supplies, Report informs.

The price of Brent crude May futures rose by 3.29% to $114.8 per barrel, and WTI April futures increased by 1.92% to $110.79. Yesterday, the quotes fell by 13% and 12%, respectively.

A day earlier, oil prices collapsed after UAE Ambassador to the United States Yousef Al Otaiba said that the country was in favor of expanding oil production and intended to promote a corresponding decision in OPEC.

Supply concerns due to sanctions against Russia and the situation around Ukraine maintain oil prices above $100 per barrel. Investors also fear that the current situation will negatively affect the prospects for economic recovery, which, in turn, also affects oil demand.