Oil prices rose to nearly $95 a barrel today as a sharp drop in US inventories and expectations of reduced supplies from Russia by the end of the year pushed recession fears into the background.

On the London market, the price of a barrel was 94,98 dollars today, while on the American market, the barrel traded at a price of 89,10 dollars.

Stock market sentiment was dampened yesterday by fears of a global recession amid weak data on US real estate activity and slowing economic activity in China following a strict zero-tolerance policy on Covid-19. However, traders were encouraged by a report of a drop in US oil inventories by 7,1 million barrels, as well as record oil exports of five million barrels per day.

Today's higher oil price was supported by warnings that the European ban on imports of Russian oil and derivatives could dramatically reduce supply.