Sign up now for FREE unlimited access to Reuters.com Register LONDON, March 30 (Reuters) – Oil prices jumped more than 3% on Wednesday amid tight supply and growing prospects for new Western sanctions against Russia, even as peace talks between Moscow and Kiev took place. Brent crude was up $ 3.07, or 2.79%, at $ 113.30 at 1215 Greek time, reversing the 2% loss in the previous session. West Texas Intermediate (WTI) futures traded up $ 3.20, or 3.07%, at $ 107.44 a barrel, down 1.6% on Tuesday. Sign up now for FREE unlimited access to Reuters.com Register The recovery in crude oil “indicates that the oil market, at least, has a strong degree of skepticism about any ‘progress’ (in the peace talks),” Commonwealth Bank analyst Tobin Gorey said in a note. The market experienced a sharp sell-off in the previous meeting, after Russia promised to reduce military operations around Kyiv, but reports of attacks continued. read more “We would see an additional 1 million barrels a day of Russian production at risk if relations with Europe deteriorated and an oil embargo was imposed, although we still consider it unlikely,” JBC Energy said in a statement. The United States and its allies are planning new sanctions on a number of sectors of the Russian economy that are critical to sustaining its invasion of Ukraine, including military supply chains. read more Russia’s top lawmaker warned the European Union on Wednesday that exports of oil, grain, metals, fertilizers, coal and timber could soon be priced in rubles, having previously demanded that “unfriendly” countries pay in rubles. its gas. read more The focus of the oil market turned to close supply, after the American Petroleum Institute reported that crude reserves fell by 3 million barrels in the week ended March 25, three times the fall expected by an average of 10 analysts in a Reuters poll. Keeping the market tight, major oil producers are likely to meet their target of increasing production by about 432,000 barrels a day when OPEC + – the Organization of the Petroleum Exporting Countries and its allies, including Russia – met on Thursday. group. . [nL2N2VV1LR] However, oil prices are facing pressure from weakening demand in China due to tighter mobility and COVID-19-related restrictions in many cities, including Shanghai’s economic hub. read more Sign up now for FREE unlimited access to Reuters.com Register Additional references by Sonali Paul in Melbourne and Muyu Xu in Beijing. edited by Mark Potter and Jason Neely Our role models: The Thomson Reuters Trust Principles.
