09:35 - 3.03.2022

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March 3, Fineko/abc.az. Prices for oil of benchmark grades keep on rising in Thursday's trading.

By 9:26 am, at the London ICE Futures Exchange the May’s Brent crude futures rose by $3.87 (3.43%) up to $116.80 per barrel. Following the trading on 2 March, the price of Brent crude futures for May grew by $7.96 (7.58%) up to $112.93 per barrel.

By 9:26 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for April increased in price by $3.57 (3.23%) up to $114.17 per barrel. Following the trading on 2 March, the price of April’s WTI oil futures rose by $7.19 (6.95%) up to $110.60 per barrel.

Large foreign buyers are boycotting Russian oil because of the situation around Ukraine, trying to find alternative sources of supply, which is likely to contribute to further price increases.

The decision of the International Energy Agency to release 60 million barrels of oil from strategic reserves failed to calm market concerns.