Oil prices rise amid concerns about the supply of crude oil

Oil prices rose today, on Monday, and prices headed towards $114 per barrel, in light of fears of a decrease in the supply of crude oil and an increase in demand for black gold.

By 17:11 Moscow time, futures for American West Texas Intermediate oil rose 1.97% to $110.57 per barrel.

Brent futures rose 1.87% to $113.72 a barrel, according to Bloomberg data.

Earlier, JPMorgan analysts warned that oil prices could jump to $380 a barrel if US and European sanctions push Russia to retaliate by cutting oil production.

And Bloomberg said it was because the G-7 countries were working on a complicated mechanism to cap Russian oil prices in an attempt to “tighten the screws” on Moscow.

Source: RT + Bloomberg

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