Oil prices slow down on news of resumption of supplies to Ceyhan

World oil prices rose slightly during the day, Report informs citing the auction data.

The price of April futures for Brent crude rose by 1.62% to $82.31 per barrel, and March futures for WTI grew by 1.79% to $75.44.

Despite this, prices slowed down after the announcement of the soonest resumption of oil supplies to the Turkish Ceyhan terminal. Operations at the Ceyhan terminal were suspended the day before due to a powerful earthquake in Turkiye that took thousands of lives.

10:20

Oil prices rose 1% on Monday, buoyed by supply concerns following earthquakes in Turkiye and Syria.

Brent crude futures rose 0.99 per cent to $81.79 a barrel, as the United States West Texas Intermediate (WTI) crude futures for March jumped by 1.07 per cent to $74.9 a barrel.

Massive earthquakes that struck Turkiye and Syria on Monday halted operations at Turkiye’s major oil export hub in Ceyhan.

Also supporting prices was the prospect for China’s recovery after the relaxation of COVID-19 restrictions continued to drive the value of the commodity.

The International Energy Agency (IEA) expects half of this year’s global oil demand growth to come from China.