Oil surges after IEA warns of shortfall in supply


Oil prices climbed about 3% on Thursday after the International Energy Agency (IEA) said markets could lose three million barrels a day (bpd) of Russian crude and refined products from April.

Benchmark Brent crude futures gained $3 to $101.09 a barrel after falling for three consecutive trading sessions.

U.S. West Texas Intermediate (WTI) crude was up $2.8, or 3%, to $97.84 a barrel.

Both contracts settled lower the previous day, following an unexpected jump in U.S. crude stockpiles and signs of progress in Russia-Ukraine peace talks.

Prices had sagged in the previous session on news that oil inventories in the United States climbed by 4.3 million barrels in the week to March 11 to 415.9 million barrels, according to the U.S. Energy Information Administration, surpassing analysts’ expectations for a decline of 1.4 million barrels.

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