U.S. and global oil prices rebounded on new concerns about supplies.
U.S. crude rose to $102 per barrel, while Brent crude, the global benchmark, touched $106 per barrel.
|USO||UNITED STATES OIL FUND L.P.||68.28||-0.35||-0.51%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||29.46||+2.43||+8.99%|
The International Energy Agency (IEA) said a decline in oil demand due to higher prices would not offset a shut-in of Russian oil supplies, according to Reuters. About 3 million barrels per day of Russian oil output could be shut-in due to Western sanctions and as buyers snub Russian exports. That would exceed a 1-million-BPD drop in demand anticipated as a result of higher prices.
Gas prices held steady, per AAA, at $4.28 per gallon.
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||55.91||+3.85||+7.40%|
Oil prices retreated Wednesday after inventories in the U.S. climbed by 4.3 million barrels in the week to March 11 to 415.9 million barrels, according to EIA, surpassing analysts’ expectations for a decline of 1.4 million barrels.