3/16, 3:23 PM (Source: TeleTrader)
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Oil prices rebound, WTI up by more than 1%

The prices of oil turned to rise on Wednesday after recording losses in the previous few days amid the ongoing tensions between Russia and Ukraine, which continue to pose a risk to global demand and supply of the commodity.

The International Energy Agency (IEA) observed in its latest report that "the prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock." Earlier, the Organization of the Petroleum Exporting Countries (OPEC) said that the conflict in Ukraine "raised concerns about a near-term oil supply disruption resulting in a rally in oil futures markets."

West Texas Intermediate (WTI) for deliveries in April rose by 1.32% at 9:06 am ET to sell for $97.65 per barrel. At the same time, Brent for settlements in May went up by 0.96% to go for $100.86 per barrel.

Baha Breaking News (BBN) / JR