As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $2.92 (+2.68 percent) to reach 111.70 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $106.95 a barrel, up by $2.70 (+2.59 percent).
Arab Light was available at $116.64 a barrel with an increase of 3.31 percent and the price of Russian Sokol jumped to $102.20 a barrel with a 3.54 percent increase. The price for Opec basket was recorded at $106.07 a barrel with an increase of 3.57 percent. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.
Oil stocks in the US rose by more than 9 million barrels last week, the US Energy Information Administration said on Wednesday, driven in part by releases from the nation’s strategic reserves.
According to experts, oil will remain a volatile trade, but it seems energy traders are growing more confident that supply shortages are just around the corner. They said that there isn’t unanimity on the part of the EU so far on whether they will fully move to cut out Russian crude flows but the market may price in that as an eventuality.
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