Oil getting cheaper again after sharp increase in 1H of week

Oil prices fell on April 14, after rising sharply in the first half of the week, as traders weighed a larger-than-expected build in US oil stocks against tightening global supply, Report informs referring to Reuters.

Brent futures were down 45 cents, or 0.4%, at $108.33 a barrel, while US West Texas Intermediate futures were off 69 cents, or 0.7%, at $103.56 a barrel.

"Demand growth is starting to moderate and the picture for the latter half of the year is looking increasingly bleak," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

However, the oil complex is heavily focused on the short term and fears of supply shortages are crowding out that view, she said.

The International Energy Agency on April 13 warned that from May onwards roughly 3 million barrels per day of Russian oil could be shut-in due to sanctions or voluntary embargoes.

At the same time, major global trading houses are also planning to curtail crude and fuel purchases from Russia's state-controlled oil companies in May.