
Will Tighter Supply Concerns Send Oil Higher In April?
The oil market saw a rebound after a period of soft trading, driven by global tensions. Brent prices surged to $86/bbl following a terrorist attack in Russia, while ongoing drone strikes on Russian refineries by Ukraine kept the oil market's risk premium elevated. In the US, the number of oil rigs decreased slightly, reaching 509 for the week ended March 22, 2024.