Oil rising in price amid continued supply risks

World oil prices rose on March 18 morning due to the persistence of foreign political tension, which creates the risk of interruptions in supplies, primarily from Russia, Report informs referring to the auction data.

The price of May futures for Brent crude increased by 2.2% to $108.99 per barrel, April futures for WTI grew in price by 2.63% to $105.69.

On March 18 morning, oil prices continue to rise, traders assess the prospects for oil shortages in the markets and supply disruptions due to the tense geopolitical situation and anti-Russian sanctions.

In addition, oil prices are boosted by reports that some coronavirus restrictions in China’s Shenzhen have been eased, which slightly decreased fears about a fall in demand for oil.

The dynamics of prices is also affected by messages about the possible supply of Russian oil to India. It was reported earlier that India is exploring opportunities to trade with Russia in rupees. The announcement added to the market’s concerns about the shortage of supplies.