Crude oil futures closed higher on Monday (April 4) amid fears that the global oil market could tighten further if the U.S. and Europe impose tougher sanctions on Russia.
- WTI crude futures rose $4.01, or 4%, at $103.28 a barrel.
- BRENT crude futures were up $3.14, or 3%, at $107.53 a barrel.
Ukrainian President Volodymyr Zelensky said that atrocities committed by the Russian army against Ukrainian civilians in the town of Worship had complicated peace talks between Russia and Ukraine.
Ukrainian authorities said they found 410 bodies Sunday (April 3) in the town of Bukha, northwest of Ukraine’s capital, Kiev, after Russia withdrew its troops from the area.
The United States and its allies, including Germany, Britain, and France, have signaled that they will impose tougher sanctions on Russia in response to the Russian massacre of Ukrainians.
Meanwhile, investors are concerned about the tight oil market after the International Energy Agency (IEA) was unable to reach a decision on the amount of oil to be drawn from member countries’ reserves, including the deadline for doing so, at an emergency meeting last week. Japanese industry minister Koichi Hagiuda said that details about the second release of strategic oil reserves are still in process.
The fact that there is currently no progress in the negotiations on the nuclear agreement with Iran has also boosted oil prices.
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Tuesday, April 5, 2022