Sharjah24 – AFP: Oil prices climbed on Thursday after the International Energy Agency (IEA) said markets could lose three million barrels per day (bpd) of Russian crude and refined products from April.
The supply loss would be far greater than an expected one million bpd per day drop in demand triggered by higher fuel prices, the IEA said in a report on Wednesday.
Benchmark Brent crude futures gained $1.8, or 1.9%, to $99.86 a barrel by 0408 GMT, after falling for three consecutive trading sessions.
U.S.West Texas Intermediate (WTI) crude was up $1.6, or 1.7%, to $96.67 a barrel.
Both contracts settled lower the previous day, following an unexpected jump in U.S. crude stockpiles and signs of progress in Russia-Ukraine peace talks.
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