Upsurge in WTI, Brent Prices

Upsurge in WTI, Brent Prices
Upsurge in WTI, Brent Prices

Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand.
Brent crude futures rose 42 cents, or 0.4%, to $113.54 a barrel. Front-month prices tumbled 7.3% last week, their first weekly fall in five, Reuters reported.
US West Texas Intermediate crude was at $109.85 a barrel, up 29 cents, or 0.3%. Front-month prices dropped by 9.2% last week, the first decline in eight weeks.
Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".
The impact has been partly mitigated by the release of strategic petroleum reserves, led by the United States, and a ramp-up of production from OPEC and its allies, together known as OPEC+, although that is thinning the world's buffer against further supply disruptions.
"If Washington sticks to its current pace, the US strategic reserve will hit a 40-year low of 358 million barrels by October," ANZ analysts said in a note.
Libya's oil production has remained volatile following blockades by groups in the country's east.

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