World oil prices continued to rise on Thursday morning (March 24), as the market worried about supply disruptions following reports of storm damage at a major export port system on the Black Sea.

Brent crude rose about $1.06, or 0.9%, to $122.66 a barrel and U.S. crude rose about 79 cents, or 0.7%, to $115.68 a barrel.
Both grades have rallied strongly this week, with Brent up more than $14 a barrel, or 13%, since Monday, and WTI up more than $10 a barrel, or 10%, on concerns about cockroaches. supply segment increases.
The oil market jumped more than 5% on Wednesday following reports that crude oil exports from Kazakhstan’s Caspian Pipeline Consortium (CPC) port had been completely halted following storm damage. Russia’s Deputy Prime Minister said oil supplies could be stopped for two months.
The CPC pipeline transports about 1.2 million barrels per day of mostly Kazakh crude to a port on Russia’s Black Sea coast.
The news that has impacted oil prices is a drop in US oil inventories.Edward Moya, a senior market analyst at OANDA, wrote in a note: “The oil market is tightening and U.S. production remains steady and as inventories continue to fall, oil prices will remain bullish. “.

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