21 March, 2022
Crude oil prices rose nearly 3 per cent to $111 a barrel early on Monday as supply concerns continue to persist, with long positions in oil and commodities the most crowded trades. Still, volatility is expected to be the theme on ebbs and flows of the news on Ukraine-Russia peace talks.
The benchmark Brent crude oil contract for the front-end month was the last trading at $111 per barrel, up over 2.8 per cent after closing at $107.93 a barrel in the previous session.
That comes as Ukrainian resists heavy Russian attacks and after Ukraine’s deputy prime minister said there was no question of surrendering the city of Mariupol. With the conflict escalating, and reports that some major oil producers would struggle to meet their agreed supply quota, the focus returns to the supply gap.
According to the International Energy Agency, 3 million barrels per day of Russian crude and products would be off the market by April.