Brent slightly higher ahead of Brussels meeting results

Oil drilling rigs

Brent crude edged up slightly today, March 24, in volatile trading amid ongoing supply concerns due to the Ukraine war. Investors are also awaiting the results of the meeting between US President Joe Biden and other European leaders.

The international benchmark Brent crude was trading up 0.2% at $121.84 per barrel, at 9.00 am Makkah time.

West Texas Intermediate (WTI) crude fell 0.23% to $114.66 a barrel.

President Biden is meeting with NATO allies in Brussels today and is expected announce additional sanctions on Russia over its actions in Ukraine. On March 25, the US President is set to visit Poland, which is hosting the largest number of Ukrainian refugees.

Meanwhile, China is currently facing the worst wave of the coronavirus outbreak there in two years, prompting some refineries to reduce operations, with strict closures limiting consumption.

Separately, Ben Lowcock, Co-Head of Trading at Trafigura, said at the FT Commodities Global Summit that oil could reach $150 a barrel this summer.