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After the big rise.. a slight decline in oil prices

Brent crude futures for April fell 33 cents, or 0.3 percent, to $98.75 a barrel at 10:45 GMT, after jumping to $101.99.

May contracts fell 40 cents, or 0.4 percent, to $98.75 a barrel, according to Reuters.

West Texas Intermediate crude fell 30 cents, or 0.3 percent, to $92.51 a barrel, after hitting an intraday high of $95.64.

The Russian attack on Ukraine on Thursday pushed prices to exceed $100 a barrel, for the first time since 2014, and Brent crude touched $105 a barrel.

In response to the Russian military operation, US President Joe Biden imposed a raft of sanctions Thursday, measures aimed at hampering Russia’s ability to use major currencies as well as sanctions against some banks and state-owned enterprises.

Britain, Japan, Canada, Australia and the European Union also imposed sanctions, including a move taken by Germany to stop the license to develop a Russian gas pipeline, at a cost of $11 billion.

But a US official said that Russian oil and gas supplies are not specifically targeted by sanctions, given that Russia is the world’s second largest crude producer and a major supplier of natural gas to Europe.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, or the bloc known as “OPEC +”, meet on Wednesday to determine whether they will abide by the current production agreement, which requires an increase in production by 400,000 barrels per day in April.

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