London, Tuesday, 01 March 2022
On Tuesday, WTI crude futures rose more than 5% to nearly $101 per barrel, a new high since 2014, as fears of supply disruption from key exporter Russia mounted following the intensification of fighting in Ukraine.
Meanwhile, a potential release of 60 million to 70 million barrels of reserves, which the US and others are considering, has failed to calm the oil market.
Companies such as BP and Shell have also indicated plans to abandon Russian businesses, while Russian oil importers have experienced payment and delivery issues.
Meanwhile, OPEC+ will meet on Wednesday to debate output strategy, and despite the market uncertainty caused by the invasion, it is expected to stick to its plan of moderate supply increases.
(Research and editing by: The Decision Maker)