3/17, 10:49 AM (Source: TeleTrader)
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Oil gains 4% amid supply worries

Prices of oil futures rose by 4% on Thursday as the investors digested the latest reports by the International Energy Agency (IEA) and the United States Energy Information Administration (EIA).

While the US agency's data pointed to an unexpected rise of crude inventories in the country, the IEA warned that the global markets could be left without three million barrels per day of Russian oil as soon as April.

West Texas Intermediate for April deliveries jumped 4.06% at 5:38 am ET, selling for $98.9 per barrel, while Brent for settlements in May soared 4.16% a minute later, going for $102.13 per barrel.

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