Oil prices rose slightly on Tuesday due to supply problems amid ongoing tension between Russia and Ukraine and ongoing sanctions on Russian fossil fuels, with EU countries now seeking sources of oil. alternative energy.
International benchmark Brent was trading at $114.38 a barrel as of 0657GMT for an increase of 0.22% after closing the previous session at $114.13 a barrel.
The US benchmark West Texas Intermediate (WTI) was at $109.23 a barrel at the same time for a 1.15% gain after the previous session closed at $107.99 a barrel.
“Crude oil rebounded as fears of an economic slowdown eased,” Daniel Hynes, commodities strategist at Australian and New Zealand Banking Group (ANZ), said in an emailed note.
Although US President Joe Biden said a US recession was not inevitable, Hynes noted that his remarks came after the US Federal Reserve raised rates by 75 basis points, signaling the likelihood of rate hikes. more aggressive measures that would jeopardize economic growth.
Putting upward pressure on prices, supply worries intensified after Libya said oil production fell to alarming levels from an average of 1.2 million barrels a day Last year.
The energy crisis, especially in EU countries, is now accelerating after the reduction of Russian oil and gas exports.
Germany said on Monday it would prioritize coal-fired power plants and increase natural gas storage to reduce natural gas consumption.
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