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Oil futures rose on Tuesday morning after a volatile start to the week as the market weighed in on a coordinated international release of crude stocks against disruptions in Russian supplies as a result of Moscow’s invasion of Ukraine.
May Brent oil futures, which began trading fast on Tuesday, rose about 1% in 0141 GMT to $ 98.90. The figure reached a seven-year high of $ 105.79 since Russia’s invasion of Ukraine began last week.
April West Texas Intermediate (WTI) crude futures rose about 0.8 percent to $ 96.53. This contract peaked at $ 99.10 a barrel the day before and settled more than 4%.
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Concerns about supply disruptions have come as major oil and gas companies, including BP and Shell, have announced plans to exit Russian operations and joint ventures. Russian oil buyers are also facing difficulties with payments and the availability of ships as Western sanctions are imposed in response to the invasion of Ukraine.
The market calmed as the United States and its allies discussed a coordinated release of raw materials in an effort to mitigate supply disruptions. The release could reach between 60 and 70 million barrels, media reported.
Oil futures rose on Tuesday morning after a volatile start to the week as the market weighed in on a coordinated international release of crude stocks against disruptions in Russian supplies as a result of Moscow’s invasion of Ukraine. (Photo by Mario Tama / Getty Images)
“This likely release is limiting the rise in oil prices for now,” analysts at the Commonwealth Bank of Australia said in a note.
The International Energy Agency (IEA) will hold an emergency ministerial meeting on Tuesday to discuss the role its members can play in stabilizing oil markets.
Russia, which calls its operations in Ukraine a “special operation”, exports about 4-5 million barrels a day of crude oil and 2-3 million barrels a day of refined products.
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The Organization of the Petroleum Exporting Countries (OPEC) and other producers – including Russia – will also meet on Wednesday and are expected to maintain a gradual increase in supplies.