Energy News

Brent oil prices rise to $107.93 per barrel on April 21

by Azerbaycan24

Oil prices rose on April 21 due to fears of a decrease in supply on the world market with a sharp reduction in US inventories, Report informs citing Interfax.

Production in Libya fell due to political protests, while European countries continue to discuss the possibility of limiting the import of Russian energy resources.

Thus, German Foreign Minister Annalena Baerbock said on April 20 that Germany would stop importing Russian oil by the end of the year.

June Brent futures rose $1.13 (1.06%) on the London ICE Futures Exchange against April 20 close to trade at $107.93 a barrel. During the previous session, Brent fell by $0.45 (0.4%) to $106.8 per barrel.

By this time, June WTI futures had risen in price at online trading on the New York Mercantile Exchange (NYMEX) by $0.99 (0.97%), to $103.18 per barrel. On April 20, the prices rose by $0.14 (0.1%) to $102.19 per barrel.

Commercial oil inventories in the US last week fell by 8.02 million barrels, the highest rate since January 2021, to 413.73 million barrels, data from the US Department of Energy showed. Experts polled by Bloomberg had expected an average increase in stocks of 3 million barrels.

Inventories at the terminal in Cushing, Oklahoma, where oil traded on Nymex is stored, decreased by 185,000 barrels to 26.2 million barrels, the Energy Ministry said. US oil production rose by 100,000 barrels per day (bpd) to 11.9 million bpd.

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