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Oil prices rise more than 1% as fears of a shortage of supplies grow
Oil prices closed more than 1% higher on Monday, April 18, as production halts in some fields in Libya deepened fears of a global supply shortage amid the continuing Ukrainian crisis.
In addition to the supply pressures caused by sanctions against Russia, the Libyan National Oil Corporation warned of a "painful wave of closures" at its facilities and declared force majeure at the El Sharara field and other sites.
The benchmark Brent crude contracts ended the trading session up by $1.46, or 1.3%, to record at the settlement of $113.16 a barrel, and during the session, crude rose to $114.84 a barrel, its highest level since March 28.
West Texas Intermediate crude contracts closed up $1.26, or 1.2%, to $108.21 a barrel, and earlier in the session, US crude jumped to $109.81, which is also the highest since March 28.
Deeper supply losses loom, as the Interfax news agency reported on Friday, April 15, that Russian oil production fell 7.5% in the first half of April from its March level.
Data on Monday, April 18, showed that China refined 2% less oil in March, compared to the same month a year ago, with refined crude quantities falling to their lowest levels since October, as higher crude prices reduced profit margins and led to closures due to Covid-19. to lower demand.
