Oil prices rise amid fears of supply shortage

On Wednesday, the oil market is showing an upswing: Brent quotations rose to the level of $116.22 per barrel, North American WTI crude oil rose to $114 per barrel. 

Prices have been rising for the fourth day in a row, as concerns about a supply shortage prevail over concerns caused by a potential weakening of the global economy.

Concerns that Saudi Arabia and the United Arab Emirates do not have sufficient reserve capacity to compensate for the loss of supply from Russia also support quotes. Earlier this week, French President Emmanuel Macron said that it would be very difficult for these countries to increase production.

Analysts also warn that the supply may decrease even more due to political instability in Ecuador and Libya.

A two-day meeting of the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ participants starts today. However, it is expected that serious changes in oil policy should not be expected this month, so it is unlikely that this meeting will have an impact on market dynamics.