New York (Reuters) -OIL price fell more than 5% on Monday to its lowest in almost two weeks in the midst of expectations to progress towards the final diplomatic on the Russian invasion to Ukraine – development that will increase global equipment – while travel related to ban pandemics In China doubt the request Brent Futures fell $ 5.77, or 5.1%, to settle $ 106.90 per barrel, while Texas Intermediate West crude (WTI) fell $ 6.32, or 5.8%, to complete $ 103.01 .
It was the lowest closure for WTI since February 28 and the lowest for Brent since March 1. Both benchmarks have surged since Russian invasion February 24 to Ukraine and up around 36% so far this year “Oil prices reflect bearish sentiment taken from the expectations of positive developments in the latest rounds of Russian-Ukrainian negotiations,” said Kaushal Ramesh, an analyst at Rystad Energy’s energy research provider Russian and Ukrainian delegates held fourth round talks on Monday – with a video link rather than directly in neighboring Belarus as in the past – but no new progress was announced. Ukraine said it held talks with Russia with a ceasefire, direct withdrawal of troops and security guarantees despite the fatal shooting of housing buildings in Kyiv.
Brent and WTI have recorded 30 most fluctuating days since June 2020. Analysts at the EBW Energy Consultation Group Analytics noted that “The updated Covid outbreak in China leads to increased closure when Omicron spreads rapidly,” which can reduce global energy demand since China is the largest importer of oil, liquid gas in the world A Province of Northeast China imposed a prohibition of rare trips due to Omicron outbreaks Russian output from oil and gas condensates rose to 11.12 million barrels per day (BPD) so far in March, two sources familiar with production data told Reuters, despite sanctions.
The United States has forbade Russian and British oil imports saying it will delete it at the end of 2022. Russia is the main exporter of crude oil and combined oil products, shipping around 7 million BPD or 7% of global supply A senior Minister said British Prime Minister Boris Johnson tried to persuade Saudi Arabia to increase oil production, while the Head of the International Energy Agency (IEA) Fatih Birol urged oil-producing countries to pump more European Union member countries have approved the fourth sanction package against Russia, the French EU presidency office wrote on Twitter (NYSE: TWTR). It does not include Russian energy exports.
“Energy traders quickly left the trade of crude oil after the next round of European Union sanctions avoided Russian companies,” said Edward Moya, senior market analyst at the company and analytics India indicates that it can release more oil from national stocks Indian officials also said New Delhi was considering Russian offers to buy crude oil and other commodities at discounted prices through rupee-ruble transactions.
The United States needs to make a decision to complete an agreement to save Iran’s nuclear agreement with the world’s power, Iranian foreign ministry spokesman said. Some of the feared talks might collapse, and 49 of the 50 Republican Senators A. said they would not support a new nuclear agreement Analysts said the agreement with Iran could add 1 million BPD oil supply to the market, but noted that it would not be enough to compensate for the decline in supply from Russia.
Federal Reserve A.S. It is expected to start raising interest rates this week, which must increase the dollar. This can push oil prices by making dollar denomination oil more expensive for holders of foreign currencies Crude oil stock in the Cushing Storage Center in Oklahoma rose last week for the first time this year, traders said, referring to reports from the GENSCAPE data provider. US government data has shown the stock there falls for nine consecutive weeks.
