Oil prices climbs over 9% amid warnings of Russian supply shortages

The oil market largely shrugged off a decision by the US Federal Reserve on Wednesday to raise interest rates by one-quarter of a percentage point, as anticipated.

Oil prices climbed over 9 per cent on Thursday after the International Energy Agency (IEA) said 3 million barrels per day (bpd) of Russian oil and products could be shut in from next month.
 

The supply loss would be far greater than an expected drop in demand of 1 million bpd triggered by higher fuel prices, the IEA said in a report on Wednesday. Benchmark Brent crude futures gained $9.02 or 9.20 per cent  to $107.04 a barrel by 9.41 pm IST. US West Texas Intermediate (WTI) crude was up $8.22, or 8.65 per cent, to $103.26 a barrel.
 

Morgan