Shortly before 9:00 a.m. CET, Brent gained about 5.5 percent and traded around $ 119.20 a barrel. The WTI added 4.9 percent to $ 116.05 a barrel.
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Price growth follows another round of US sanctions against Russia’s refining sector, raising fears that oil and gas exports from Russia may be another target.
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So far, Washington has not intervened against these exports as President Joe Biden’s government considers the impact on global oil markets and US energy prices.
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The Australian bank ANZ raised the short-term target for the price of oil to $ 125 per barrel. She added that the lack of supplies could mean further price increases.
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Russia exported 7.8 million barrels of oil and oil products per day in December. According to the International Energy Agency (IEA), Russia is the third largest oil producer in the world and the largest exporter to world markets.
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The members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, led by Russia, agreed on Wednesday’s meeting to increase oil production by another 400,000 barrels a day in April.
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The group called OPEC + will thus continue to gradually increase production, the form of which was agreed last July.
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At the same time, she refused to call for more oil, even though raw material prices rose sharply in connection with the invasion of Ukraine by Russian troops.
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Statistics have also shown that US oil reserves continue to decline. At the important Cushing oil depot in Oklahoma, they were the lowest until 2018 and strategic reserves in the US fell to almost a 20-year low.
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Even before their further release, which was announced by the White House together with other industrialized countries, Reuters reported.
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