Oil prices rise on warnings of global shortage

Oil prices climbed on Thursday after the International Energy Agency (IEA) sent warning signs to the market about possible three million barrels a day (bpd) shortage in April because of The Russian/Ukrainian conflict.

The IEA added that the shortage may be bigger than previously estimated because of higher fuel prices.

Both Brent and WTI futures declined yesterday on U.S. crude stockpiles’ rise and progress in Russia-Ukraine peace talks.

Benchmark Brent crude futures gained $4.9, or 5.1%, to $102.97 a barrel by 1049 GMT. U.S. West Texas Intermediate (WTI) crude was up $4.39, or 4.6%, to $99.43 a barrel.