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Amid continuing Ukraine-Russia conflict, Brent crude has moved past levels of $116 per barrel, rising over 3% in session again on Thursday (March 3, 2022). Meanwhile, WTI crude with gains of over 2% is trading at $113.3 per bbl.
The rally comes as there looms supply side disruption while US crude inventory also hit multi-year lows.
"The White House ratcheted up pressure on Russia with the announcement that it will apply export controls targeting Russian oil refining," ANZ analysts said in a note. "This raises concerns that Russian oil supplies will continue to hit constraints."
During their talks, the OPEC nations together with their allies that includes Russia decided to continue with the increase in output by 400,000 barrels per day in March, regardless of the ongoing Ukraine-Russia crisis.
The sharp rise in the crude prices comes as a reaction to the latest sanctions imposed by the US on the oil refining sector of Russia, raising concerns that Russian oil and gas exports could be hit next.
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