Crude oil trade continued to surge higher on Wednesday amid growing concerns over global supply disruptions following the escalating Russia -Ukraine conflict.
In the Asian session, Brent crude futures traded strong at $ 110 a barrel after jumping nearly 10% on Tuesday, bringing it to its latest high since July 2014.
Meanwhile, US WTI traded stronger at its most recent high since September 2013, trading at $ 109 a barrel after a jump of more than 10% in the previous session.
The move by the United States to release 30 million barrels from its oil reserves and 60 million barrels from the International Energy Agency (IEA), disappointed the market as it was seen as unable to cope with the huge impact triggered by the Ukraine -Russia war.
In fact, a report from the American Petroleum Institute (API) showing an unexpected fall in U.S. crude oil supplies also supported the consolidation of higher prices.
Ahead of the meeting to be held today, OPEC+ has signaled that they will stick to current plans for an additional production of 400,000 barrels a day despite being squeezed by pressure by the Russo-Ukrainian war.
