The oil prices They rose this Friday, but were still heading for a second weekly fall, after the countries of the International Energy Agency (IEA) announced plans to release crude oil from its strategic reserves.
At 10:56 GMT, crude oil futures Brent They were up 71 cents, or 0.7%, at $101.29 a barrel. US crude oil futures West Texas Intermediate (WTI) gained 85 cents, or 0.9%, to $96.88 a barrel.
Both contracts are headed for losses for the second week in a row, with Brent poised to drop 3% and WTI 2.3 percent.
IEA member countries will release 60 million barrels over the next six months and the United States will match that amount as part of a 180 million-barrel measure announced in March.
The release may deter producers, including the Organization of Petroleum Exporting Countries (OPEC) and shale producers in the United States, to accelerate the increase in production, even with oil prices around $100 a barrel, analysts at ANZ Research said in a note.
Despite these record volumes, questions remain about whether this rush of incoming supply will solve the Russian crude shortfall,” said PVM analyst Stephen Brennock.
While Russia has found Asian buyers, Western buyers are shying away from its cargoes.
The Russian oil and gas production condensate fell to 10.52 million barrels per day (bpd) between April 1 and 6, from an average of 11.01 million bpd in March, two sources familiar with the data told Reuters on Thursday.
The US Congress voted on Thursday to ban Russian oil, while the European Union is considering a ban.
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