Oil prices rise on news of limited supplies to Europe

The oil market continues to show an upswing that began during yesterday's trading session. The quotes were supported by the news that Ukraine suspended the pumping of oil from Russia to Hungary, the Czech Republic and Slovakia.

The price of Brent rose from $93.20 per barrel to $98.30 during the day. The current quote of the asset is $97.66 per barrel. WTI grade oil shows similar dynamics: the asset rose from the level of $87.40 to $92.60. The current quote of North American oil is $91.60 per barrel. 

The news about the restriction of Russian oil supplies to Europe against the background of the ongoing energy crisis provides significant support to oil prices. Back on August 4, the Ukrainian national company Ukrtransnafta stopped pumping Russian oil through the southern branch of the Druzhba oil pipeline system, since the Russian side cannot make a payment for transit under EU sanctions.

Additional support for oil prices is provided by the depreciation of the US dollar against world currencies. The dollar index declined by 0.37% to 106.04 points.