Oil continues to rise in price

The price of oil continues to rise on Tuesday amid the continuation of military operations on the territory of Ukraine. Prices are increasing, even despite reports from the United States about the further release of oil from strategic reserves.

As it became known, the United States and other members of the International Energy Agency (IEA) may soon decide to release about 70 million barrels of oil from reserves. An emergency meeting of the organization will be held today.

However, analysts believe that any release of oil from reserves will only be a short-term solution, especially if the supply of raw materials from Russia decreases. Warren Patterson, who is responsible for commodity markets strategy at ING Groep NV, said that it is unlikely that today's market expects a significant change in Russian exports, which suggests the likelihood of an even greater price increase in the event of a deterioration in the situation in Ukraine. 

The current Brent quote is $100.17 per barrel. The price of WTI oil futures is hovering around $97.40 per barrel.