Oil Dips Slightly On Uncertain Supply Signals – 15 April, 2022

After a steep rise during the first half of the week, oil prices fell on Thursday as traders weighed a tightening global supply with a larger than expected build in the U.S. stockpile. Brent futures dipped 0.4% or 45 cents to $108.33 per barrel. U.S. West Texas Intermediate futures were 0.7% or 69 cents lower to $103.56 per barrel. The International Energy Agency warned that 3 million barrels per day of Russian oil could be shut in starting May onwards due to sanctions or embargoes. Oil stocks in the U.S. rose by more than 9 million barrels last week, far off from analysts anticipation of a 863,000 barrel build, driven in part by releases from the nation’s strategic reserve.