Oil prices flare up again today. WTI futures have soared above $ 104 a barrel in these minutes, with a 9% jump today that projects the price of US crude oil to the highest levels since July 2014.
Russia’s invasion of Ukraine continues to fuel fears of supply disruptions by the main Russian exporter, in what is already a supply deficit market. To date, Canada is the only state that has banned Russian oil imports. JP Morgan analysts today point out that current oil price differentials reflect a clear reluctance to take Russian crude.
Today Morgan Stanley raised the price estimates for crude oil in the short term: Brent is seen on average at $ 110 a barrel in the second quarter (previous forecast was $ 100) and in the more bullish case the US broker indicates prices to fly up to $ 125 per barrel.
OPEC and its oil-producing allies, including Russia, will meet this week to discuss production levels to be set for April. Meanwhile, according to reports from Reuters, the International Energy Agency has agreed to release 60 million barrels of oil from global reserves.