International oil prices rose on Thursday (17th). (File photo, Bloomberg)
[Financial Channel/Comprehensive Report]Investors are again concerned about the supply gap in Russia, and international oil prices surged 8% on Thursday (17th), returning to above $100 a barrel.
New York West Texas Intermediate crude for April delivery rose $7.94, or 8.4%, to settle at $102.98 a barrel, Archyde.com reported.
Brent crude for May delivery rose $8.62, or 8.79%, to settle at $106.64 a barrel.
International oil prices have fluctuated recently. In the past 8 trading days, Brent crude oil has reached a maximum of 139 US dollars a barrel and a minimum of 98 US dollars, with a price difference of more than 40 US dollars. The outside world believes that this has caused many investors to shrink their hands. More violent price fluctuations created the conditions.
The International Energy Agency (IEA) said that starting in April, Russia could cut its oil exports by 3 million barrels a day, a shortfall that would be much larger than the 1 million barrels a day expected to reduce demand due to higher fuel prices. That sparked supply concerns, pushing prices higher.
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