Oil rises in price amid prospects of reduced supply

Global oil prices on April 7 morning rose by more than 1% on fears of reduced supply in the market, Report informs referring to the auction data.

The price of June futures for Brent crude rose by 1.37% to $102.45 per barrel, May futures for WTI rose by 1.14% to $97.41.

On April 7 morning, investors are evaluating the warning from the International Energy Agency (IEA) that the world oil market could lose 3 million barrels a day as a result of a significant reduction in Russian oil exports. This statement was made after reports of plans by the US and IEA countries to release 240 million barrels of oil from strategic reserves to the market.

Analysts believe that restrictions on Russian oil supplies will expand, and the likelihood that Iranian oil will help fill the deficit is reduced.