Crude oil prices were trading close to a three-week high on April 18 amidst fears of supply disruption due to the ongoing Ukraine crisis.
Brent crude oil futures hit a high of $113.80 per barrel, a level unseen since March 30. U.S. West Texas Intermediate futures hit $105.55 per barrel, which was also the highest level since March 30.
Oil production has continued to fall in Russia this month. In the first half of April 2022, Russian oil output fell 7.5 percent compared to March. OPEC failed to raise its output by 253,000 barrels per day (bpd) in March as allowed in the OPEC+ deal. Instead, output for the month increased by 57,000 bpd.
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