US West Texas Intermediate crude futures rose 30 cents to $96.32.
"There's some concern that by artificially lowering prices, you are only going to increased demand and that's going to burn off that supply pretty quickly," said Phil Flynn, an analyst at Price Futures Group. JPMorgan expects the reserves release to"go a long way in the short term" to offsetting the 1 million barrels per day of Russian oil supply it expects to remain permanently offline.
While Russia has found Asian buyers, Western buyers are shunning cargoes since the start of the conflict in Ukraine.
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Source: RTEbusiness - 🏆 16. / 61 Read more »