Oil jumps 3% after the International Energy Agency warns of a lack of supply

Oil prices rose about 3 percent on Thursday after the International Energy Agency said markets could lose 3 million barrels per day of crude and refined products from Russia starting in April.

The agency stated that the lost supplies would be much larger than the expected drop in demand of one million barrels per day, caused by high fuel prices.

Brent crude futures, the global benchmark, rose $3, or 3.1 percent, to $101.09 a barrel at 0844 GMT, after falling for three consecutive sessions.

US West Texas Intermediate crude also rose $2.8, or 3 percent, to $97.84 a barrel.

The two contracts fell on Wednesday when they settled, following an unexpected jump in US crude stocks and indications of progress in Russia-Ukraine talks.

The market ignored the Federal Reserve’s decision on Wednesday to raise interest rates by a quarter of a percentage point, as expected.

Market sentiment was supported by China’s pledge of policies to support financial markets and economic growth, while a drop in new COVID-19 infections in China raised hopes that the authorities would lift travel restrictions and allow factories to resume production in cities subject to general closure.