Oil continues to rise above $100 a barrel

Oil prices rose today as Russia faces severe disruption to its exports of all commodities, from oil to grain, after Western countries imposed strict sanctions on Moscow and isolated some Russian banks from the SWIFT international payment system.

The Organization of Petroleum Exporting Countries, OPEC and its allies have reduced their forecasts for the oil market surplus for 2022 by about 200,000 barrels per day to 1.1 million barrels per day, and it is expected to commit to adding 400,000 barrels per day of supplies. Brent crude futures rose $3.06, or 3.1%, to $100.99 a barrel, after rising earlier in the session to $105.07 a barrel, and US West Texas Intermediate crude futures rose $4.13, or 4.5%, to $95.72 a barrel.