Oil prices have held onto their gains from last week and were moving higher in early morning trade on Monday, a sign that bullish sentiment is back.
Crude oil prices held on to their gains from last week, moving higher still in mid-morning trade in Asia today amid continued concern about supply. Last week, an IEA report fueled a 4% gain for benchmarks, with Brent crude topping $85 per barrel and West Texas Intermediate advancing above $81. The IEA said in its report that the oil market this year will swing into a deficit—a radical revision of its stance from last month when it said the market would be oversupplied.
“The strikes on Russian refineries added $2 to $3 a barrel of risk premium for crude last week, which remains in place as we start this week with more attacks over the weekend,” Vandana Hari from Vanda Insights told Bloomberg. Reuters has estimated that the attacks have caused the idling of 7% of Russia’s refining capacity over the first quarter of the year.
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