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Brent crude oil rises 2.2%, US crude rises two dollars

crude oil

London, (Business News Report)||  Brent crude oil rose 2.2% when it settled on Friday evening, reaching $102.78 a barrel, to rise by nearly $2.2.

US crude oil futures rose two dollars to $98.03 a barrel.

Members of the International Energy Agency agreed to release 60 million barrels of oil over the next six months, along with a similar amount from the United States as part of its release of 180 million barrels announced in March.

Analysts said that the release of reserves could discourage producers, including the Organization of the Petroleum Exporting Countries (OPEC) and US shale producers, from accelerating production increases even as oil prices reach $100 a barrel.

Global oil markets are witnessing a state of imbalance, so oil prices rose during the month of March, to touch $130 a barrel, bringing the price of US crude to its highest level ever in the last 10 years.

Oil prices fell again during the past week, falling to nearly $100 a barrel since the outbreak of the Russian-Ukrainian war on February 25, which was a major cause of imbalance as a result of Western sanctions against Russian oil imports.

The Russian attack on Ukraine is the sixth crisis that hit the global oil markets, as it reached its highest level ever when it approached $130 a barrel, last March.

In a separate context, Saudi Aramco raised the official selling prices for crude oil shipments loaded in May, as barrels destined for Asia saw the largest increases for some degrees, between $2.70 a barrel and $4.40 a barrel.

All shipments to the United States rose by $2.20 a barrel.

Heavy crude oil bound for Europe saw the smallest rise between 30-60 cents a barrel, according to Aramco’s April 4 pricing document.

S&P Global sources said that Aramco was expected to raise the official selling prices for crude for loading in May by a record $4-5 per barrel on the back of volatility spurred by the Russian-Ukrainian war.

The price of very light crude in Asia was raised by $2.70 to $10.85 a barrel, while the Arab very light crude was increased by $3.70 to $9.60 a barrel.

Those were the highest spreads Aramco has ever made, according to data from S&P Global dating back to 1970.

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