World oil prices on Wednesday morning are rising by 2% due to expectations of its short supply to the market from Russia, according to auction data.
The price of May futures for Brent crude oil jumps by 2.06%, to $ 130.62 per barrel, April futures for WTI – by 1.63%, to $ 125.72.
Concerns about oil supply disruptions due to sanctions against the Russian Federation have kept oil quotes at their highest levels since 2008. Russia is one of the largest oil producers in the world.
On March 8, the United States imposed a ban on the import of Russian oil, a number of petroleum products, liquefied natural gas (LNG) and coal. Next, the UK announced that it would stop importing oil and petroleum products from Russia by the end of the year.
The United States imported more than 670 thousand barrels per day of oil and petroleum products from Russia last year, according to data from the U.S, Department of Energy. According to ANZ analysts quoted by the Wall Street Journal, the United States must find a way to compensate for these imports by trading with other countries.
Investors are also paying attention to the statistics of the American Petroleum Institute (API), published on Wednesday night. According to the institute, commercial oil reserves in the United States increased by 2.8 million barrels in the week to March 4. The official statistics on commercial reserves in the United States for the past week will be published by the Ministry of Energy of the country on Wednesday evening. Analysts expect a decrease in inventories by 0.7 million barrels.