3/17, 3:36 PM (Source: TeleTrader)
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Oil prices extend gains, Brent up by more than 7%

The prices of oil continued to rise on Thursday after the Energy Information Administration's (EIA) report on natural gas inventories in the United States showed a weekly decline in the storage of commodity.

Previously, the Organisation for Economic Co-operation and Development stated it expects the prices of commodities to suffer further consequences of the conflict between Russia and Ukraine. Before that, the International Energy Agency (IEA) warned about the "a global oil supply shock" the aforementioned crisis could cause.

West Texas Intermediate (WTI) for settlements in April went up by 6.95% at 10:25 am ET to sell for $101.76 per barrel. At the same time, Brent for deliveries in May advanced by 7.5% to go for $105.36 per barrel.

Baha Breaking News (BBN) / JR