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Brent Crude Oil Once Again Sky Rocketing 10% To $108.7 Barrel

Brent Crude : futures jumped more than 10% in the past two sessions to $108.7 a barrel, as lingering concerns over supplies fueled the bullish trend.

Recently, OPEC warned that Russian oil was irreplaceable, as the EU weighed options for an oil and gas embargo. Also, data showed Russian oil and gas condensate production dropped to the lowest in nearly two years on Monday

As sanctions and logistical constraints disrupted trade. On the demand side, EIA data showed an injection of 9.382 million barrels of crude into US inventories

last week, well above analyst forecasts of a 0.863 million barrel addition, although oil stocks at the key Cushing, Oklahoma storage hub rose only by 0.45 million barrels. Still, inventories fell more than expected for distillates and gasoline, amid record high exports of US refined products.

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