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Oil Up, but Remains in Narrow Range Over Tight Supplies -Breaking

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© Reuters

By Gina Lee

Investing.com – Oil was up on Thursday morning in Asia but after supplies from Libya shook markets earlier in the week.

The price of gold rose by 0.83% to $103.04 at 12:11 PM ET (11:11 AM GMT).

According to analysts, markets are expected to be volatile soon again with the European Union considering banning Russian oil as a result of its invading Ukraine on February 24, 2018.

Tobin Gorey (Community Bank commodities analyst) stated that “Oil and other energy markets are in a constant state of flux” and told Reuters.

Libya, a member of the Organization of the Petroleum Exporting Countries(OPEC) said Wednesday that the country is losing over 550,000 barrels of oil production per day to the effects of blockades on major fields.

Investors continue to keep an eye on China’s oil demand as China slowly lifts COVID-19 regulations. However, oil markets remain tight because OPEC+ (and its allies) continues to fail to achieve its production targets.

There isn’t much news that can be made overnight. The trajectory of the UK/U.S. will really depend on whether or not other countries join. Stephen Innes (SPI Asset Management managing Director) stated that the ban on Russian oil imports was a good idea.

The European Union is currently looking at ways to counter a ban on Russian oil. However, no decision has been made on the sixth set of sanctions. This comes eight weeks after war in Ukraine began.

Meanwhile, Wednesday’s reported a draw in barrels of 8.20 million for the week that ended April. 15. Investing.com had made forecasts for a 2.471-million barrel increase and a 9.382 million-barrel rise.

The previous day’s release showed that 4.496 Million barrels were drawn.

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