Oil prices decline, Brent above $107

14/04/2022 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices edged lower on Thursday as a number of factors weighed on the market, including the Russia-Ukraine war and the reimposition of lockdown measures in China amid a COVID-19 resurgence.

 

In its monthly report published yesterday, the International Energy Agency (IEA) stated that the OPEC+ alliance provided 10% of the increase in oil supplies they had promised for March. The Paris-based watchdog, however, cut its forecast for demand in 2022 due to restrictions related to China’s outbreak.

 

Meanwhile, the US Energy Information Administration (EIA) announced that oil stocks in the US rose by more than 9 million barrels last week.

 

Brent crude futures for June delivery fell 1.23% to $107.44 a barrel at 10.01 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures for May delivery also slumped by 1.45% to $102.74 per barrel, albeit still up 4.8% this week.

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