Commodities update — Oil up after IEA’s supply warning; Gold gains on Fed rate rise

Commodities update — Oil up after IEA’s supply warning; Gold gains on Fed rate rise

RIYADH: Oil prices climbed on Thursday after the International Energy Agency, or IEA, said markets could lose three million barrels per day of Russian crude and refined products from April. The supply loss would be far greater than an expected one million bpd per day drop in demand triggered by higher fuel prices, the IEA said in a report on Wednesday. Benchmark Brent crude futures gained $1.8, or 1.9 percent, to $99.86 a barrel by 0408 GMT, after falling for three consecutive trading sessions. US West Texas Intermediate crude was up $1.6, or 1.7 percent, to $96.67 a barrel. Both contracts settled lower the previous day, following an unexpected jump in US crude stockpiles and signs of progress in Russia-Ukraine peace talks. Meanwhile, a Business Standard report suggests that India is all set to import 15 million barrels of Russian oil. Earlier, it has been reported that the Indian Oil Corporation had bought 3 million barrels of Russian Urals from trader Vitol for May delivery. US wheat futures extended losses in early trade on Thursday, hit by hopes of a resumption in supplies from the Black Sea region as talks between Ukraine and Russia progressed, while corn and soybean rose