International oil prices weakened slightly, ICE adjusted forecasts, and traders weighed two pros and cons

On Thursday (April 14), after a two-session rally, international oil prices fell again
.
But oil prices fell modestly, with traders weighing a larger-than-expected increase in U.
S
.
oil inventories against tight global supply and demand.
ICE expects global demand and supply to reach an equilibrium point of 98.
3 million barrels per day in the second quarter, earlier than previously forecast for the fourth quarter
.

On Thursday (April 14), after a two-session rally, international oil prices fell again
.
But oil prices fell modestly, with traders weighing a larger-than-expected increase in U.
S
.
oil inventories against tight global supply and demand.

At 17:14 Beijing time, NYMEX crude oil futures fell 0.
41% to $103.
82 per barrel; ICE Brent crude futures fell 0.
40% to $108.
35 a barrel
.

The International Energy Agency (ICE) warned on Wednesday (April 13) that about 3 million barrels of Russian oil per day from May may not be able to flow into the international market
due to sanctions or active embargoes.
But ICE expects global demand and supply to reach an equilibrium of 98.
3 million barrels per day in the second quarter, potentially quelling soaring inflation driven by energy prices
.

ICE had previously expected market balance to be achieved
in the fourth quarter.
At present, China's epidemic prevention and control measures are negative for the oil market
.
The IEA said: "Demand expectations are falling and Middle Eastern oil producers are steadily increasing production, which should restore balance to the market
.
" ”

Major global trading companies, which plan to reduce their purchases of crude oil and fuel from Russian state-owned oil companies in May, are trying to comply with existing EU sanctions to ensure compliance when EU restrictions come into effect on May 15
.
These sanctions are aimed at restricting Russia's access to the international financial system
.

Trafigura, a major Russian oil buyer, said: "The company will fully comply with all applicable sanctions and expects a further reduction
in oil trade with Russia from May 15.
" ”

Vitol, another big buyer of Russian oil, declined to comment
on the May 15 deadline.
Vitol previously said: "With the reduction of contractual obligations for the current term, the volume of Russian oil trade will be significantly reduced in the second quarter and will stop buying Russian oil
by the end of 2022.
" ”

U.
S.
commercial crude inventories rose 9.
382 million barrels last week, well ahead of expectations of 863,000 barrels, in part due to the release of strategic reserves
, the U.
S.
Energy Information Administration said Wednesday.

The U.
S.
will release 180 million barrels of oil from its reserves over the next six months in an attempt to quell the rise
in oil prices caused by Russia's sharp supply cuts.
Russia is the world's second-largest exporter after Saudi Arabia, exporting 4 million to 5 million barrels
of crude oil per day.