Oil surges after IEA warns of shortfall in supply | Reuters
Oil prices climbed about 3% on Thursday after the International Energy Agency (IEA) said markets could lose three million barrels a day (bpd) of Russian crude and refined products from April.
The supply loss would be far greater than an expected drop in demand of one million bpd triggered by higher fuel prices, the IEA said in a report on Wednesday. read more
Benchmark Brent crude futures gained $3, or 3.1%, to $101.09 a barrel by 0844 GMT, after falling for three consecutive trading sessions.
U.S.West Texas Intermediate (WTI) crude was up $2.8, or 3%, to $97.84 a barrel.
Both contracts settled lower the previous day, following an unexpected jump in U.S. crude stockpiles and signs of progress in Russia-Ukraine peace talks.
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