Key Points
International crude oil prices rose two per cent on Wednesday, March 13, after Ukrainian attacks on Russian refineries threatened supply disruptions and a decline in US crude inventories supported prices..
Energy Information Administration (EIA) data revealed that US crude stockpiles dropped by 1.5 million barrels to 446.99 million barrels in the week to March 8. ..
Coming to the benchmarks, Brent crude futures were up $1.54, or 1.88 per cent, to $83.46 per barrel on track to hit a four-month high, while the US West Texas Intermediate crude gained $1.59, or 2.05 per cent, to $79.15, according to news agency Reuters..
-In an earlier sign of strong demand, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecast for oil demand growth of 2.25 million barrels per day (bpd) in 2024, higher than many other forecasts..
-The OPEC cartel led by Saudi Arabia and Russia and its allies or OPEC+ agreed earlier this week to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter or mid-2024...
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