Oil prices clawed back some losses on Thursday after tumbling more than 5% to a three-week low in the previous session after consuming nations announced a huge release of oil from emergency reserves to offset supply lost from Russia.
International Energy Agency member countries agreed to release 60-million barrels on top of a 180-million-barrel release announced by the US last week to help drive down prices in a tight market following Russia’s invasion of Ukraine.Analysts said even with the emergency oil stocks release, supply remained tight.
National Australia Bank analyst Baden Moore said the latest release plus the IEA’s co-ordinated release announced on March 1 equates to 1-million barrels a day in extra supply from May to the end of 2022, which would cap prices in the near term.
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