Oil prices rose on Tuesday as concerns about potential supply disruptions after the Russian invasion of Ukraine and associated sanctions overshadowed talk of a coordinated global drawdown of crude stocks to calm markets.<\/p>\n\n\n\n
Brent crude futures rose $3.04, or 3.1 percent, to $101.01. The benchmark touched a seven-year high of $105.79 after the start of the Russian invasion of Ukraine last week.<\/p>\n\n\n\n
US West Texas Intermediate crude futures for April delivery rose $2.56, or 2.67 percent, to $98.28. And US crude contracts had touched a high level of $99.10 a barrel the previous day, and recorded, upon settlement, an increase of more than 4 percent.<\/p>\n\n\n\n
A large Russian military convoy approached Kyiv on Tuesday after ceasefire talks between Russia and Ukraine ended without a breakthrough.<\/p>\n\n\n\n
Russia’s isolation worsened with the world’s largest shipping company, Maersk, announcing on Tuesday that it would halt container shipping to and from Russia.<\/p>\n\n\n\n
Major oil and gas companies, such as BP and Shell, have announced plans to exit Russian operations and joint ventures.<\/p>\n\n\n\n
Buyers of Russian oil are struggling with payments and the availability of ships with sanctions in place.<\/p>\n\n\n\n
However, market sentiment was supported by the US and its allies’ search for a coordinated withdrawal of crude stocks to ease supply disruptions. And the media reported that this withdrawal may reach between 60 and 70 million barrels.<\/p>\n\n\n\n
The International Energy Agency is preparing to hold an extraordinary ministerial meeting on Tuesday to discuss the role its members can play in stabilizing oil markets.<\/p>\n\n\n\n
Russia, which describes its actions in Ukraine as a “special operation”, exports between four and five million barrels per day of crude oil and between two and three million barrels per day of refined products.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will also meet on Wednesday when they are expected to maintain a planned gradual increase in supplies during April.<\/p>\n","protected":false},"excerpt":{"rendered":"
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