The crude oil market continued to be pressured by concerns over crude oil supply constraints as several sanctions measures that had been imposed on Russia began to be felt.
These concerns rose after large oil and gas companies, including BP and Shell announced their plans to exit operations and joint ventures with Russia.
Canada also lifted sanctions by banning the import of crude oil from Russia as well as supplying weapons to Ukraine.
Not only that, but Western sanctions on Russia from the international payment system SWIFT will also make it difficult for Moscow in its oil and gas exports.
Even so, reports about the United States considering removing 30 million barrels from the Strategic Petroleum Reserve have allayed those concerns.
This put Brent crude futures back climbing at $ 100 a barrel during the European session, after declining to around $ 97 a barrel. US WTI trade was stable at $ 97 a barrel.
Meanwhile, OPEC+ will meet on Wednesday to discuss the next production fix which is expected to remain with an additional 400,000 barrels a day.
