Oil prices turned direction upwards

Oil rose on the back of the decline in crude oil and gasoline inventories in the US after two days of decline.

New York futures are up 1.48 percent, trading at around $89, after dropping a combined 3.2 percent in the past two sessions.

In a report released by the American Petroleum Institute, Cushing reported a new decline in warehouses in Indiana, while pointing to a decrease of nearly 2 million barrels in inventories across the country. Official figures will be released by the Energy Information Administration (EIA) later in the day.

Although oil prices followed a horizontal course this week, they broke a 7-week upward streak before reaching their highest level since 2014. While one of the main reasons for this rise was the stronger-than-expected demand and production problems, the geopolitical crisis caused by the Russia-Ukraine crisis caused a risk premium to be added to the prices.

While crude oil prices have set their sights on $100, Indian oil refineries, which have increased their purchases to reach their annual production targets, may cause an additional increase in prices. However, while this increase in energy prices supported their economic growth, it started to become an important problem for consumer countries and central banks trying to restrain inflation.

In an interview with CNN, White House economic adviser Jared Bernstein used the phrase "an option that can be put on the table if necessary" about the idea of ​​​​putting more reserves on the market from the current reserves to lower gasoline prices. However, despite being tried before, this tactic did not prevent motor fuel prices from reaching the peak of the last seven years.

Warren Patterson, Director of Commodity Strategies at ING Group NV, said, "Although the market expectation is still mostly upwards, there are a few developments that may cause downward pressure on prices. The calming of the Russian-Ukrainian tensions or the progress to be made in Iranian nuclear development may cause a weakening in prices."

West Texas Oil for March delivery rose 0.3 percent to $89.66 on the Nymex market.

Brent oil for April delivery rose 0.4 percent to $91.14 on the London ICE Futures Europe market.