Oil prices in world markets

Economy/International

4-03-2022, 14:43

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Baghdad-INA

Brent crude prices exceeded $114 a barrel on Friday, in a volatile session, as fears of disruption to Russian oil exports due to Western sanctions outweighed .

Markets were turbulent due to indications of an escalation in the Russian-Ukrainian conflict, with reports that a nuclear power plant in Ukraine had caught fire, before authorities announced that the fire had broken out in a building used as a training center and had been put out .

Brent crude rose to 114.23 dollars a barrel, and by 09:20 GMT, it rose 63 cents, and West Texas Intermediate crude rose 64 cents, or 0.6 percent, to 108.31 dollars a barrel, after touching 112.84 dollars a barrel .

It is expected that more oil supplies will be pumped into the market due to the coordinated withdrawal of oil stocks in developed countries, amounting to 60 million barrels, and Japan said today, Friday, that it intends to withdraw 7.5 million barrels of oil, an amount that constitutes a small share of its demand .