What's happening in the energy market.
Oil prices on Thursday , April 21 strengthened against the backdrop of volatile trading the day before. Concerns about the proposal came to the fore due to a possible European Union (EU) ban on Russian oil, reports the Chronicle.info with reference to RBC-Ukraine.
Brent oil futures rose by 0.91% to $107.77 per barrel. U.S. WTI crude futures rose 0.84% to 103.05 a barrel.
Analysts say market volatility is likely to pick up again soon as the EU still weighs a ban on Russian oil due to with its invasion of Ukraine.
Libya, an OPEC member, said on Wednesday that the country is losing more than 550,000 barrels a day of oil production due to the blockade of large fields and export terminals.
Meanwhile, the Caspian Pipeline Consortium's Black Sea terminal could reach full capacity as early as this week, Kazakh Energy Minister Bolat Akchulakov said on Wednesday.
« in supplies to Libya and the likelihood that even more Russian oil will be squeezed out of the market due to the EU ban», — Hari said.
The oil market, however, remains tight as OPEC+ struggles to meet its production targets and U.S. crude inventories plummeted in the week ending April 15.
«There isn't much additional news overnight and the trajectory really depends on whether other countries join the UK/US in banning Russian oil imports», — noted the managing director of SPI Asset Management Stephen Innes.