Crude prices bounce back from previous losses, as the commodity was seen trading higher on Friday on speculation that the ongoing tension in Ukraine may weigh on supplies from Russia, the world’s biggest energy exporter.
Futures for the North American West Texas Intermediate (WTI) for June delivery rose 0.38% higher to $101.89 a barrel on the New York Mercantile Exchange at the time of writing.
While the European benchmark Brent crude for June settlement was 0.11% higher to $109.21 a barrel on the London-based ICE Futures Europe exchange.
Crude – Supply Concerns
According to a monthly oil market report released by the International Energy Agency (IEA) yesterday, the Organization of Petroleum exporting Countries is expected to supply an average of 30.7 million barrels a day of crude in the second half of the year.
Meanwhile, with Ukraine’s election around the corner, tensions in the country continue to escalate as Ukraine along with the US and European Union blames Russia for the ongoing crises in the eastern region.
The Saudi Oil Minister Ali Al-Naimi , expressed concerns over the possible impact the ongoing tensions could have on supplies after OPEC said it was prepared to face any shortage in crude supplies which could arise if exports from Russia were disrupted.
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