Oil prices .. a new decline for crude and Brent below $ 120

Amman Today

publish date 2022-03-24 19:31:36

Jordan word

Oil prices are still fluctuating widely throughout the day, between ups and downs. This is the case for crude, but it is still hovering around the $120 per barrel level.

Crude oil prices fell mid-trading on Thursday, as the United States and its allies discussed the possibility of a coordinated drawdown of more oil stocks to help calm energy markets in the wake of the Russian war in Ukraine.

Brent crude futures fell $1.99, or 1.6 percent, to $119.61 a barrel, and US West Texas Intermediate crude futures fell $2.10, or 1.8 percent, to $112.82 a barrel.

“In terms of emergency stocks, there are ongoing discussions and all of these tools are certainly on the table,” US Energy Secretary Jennifer Granholm told a news conference at the International Energy Agency in Paris.

Fatih Birol, Executive Director of the Agency, said that member states stand united in the quest to radically reduce Russian oil and gas imports.

OPEC sources said that OPEC officials had expressed concerns to the European Union about the imposition of a ban on Russian oil, which contributed to the pessimistic sentiment in the market.

Despite this, trading operations witnessed a noticeable volatility. Earlier in the session, WTI and Brent crude rose by nearly $2 a barrel as supply concerns persisted, boosted by reports that crude oil exports from the Caspian Pipeline port in Kazakhstan had been completely halted due to storm damage.

Investors are also awaiting how Western sanctions against Russia will be tightened due to the Ukraine crisis.

Adding to concerns about available supplies, slow progress in talks between world powers and Iran over the nuclear deal, which means that the prospects of Iranian crude returning to the market are diminishing.

US National Security Adviser Jake Sullivan said on Wednesday that the United States and its allies had made progress in nuclear talks with Iran, but that issues remained.

#Oil #prices #decline #crude #Brent

Jordan Business

Source : ألدستور

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