Oil prices closed higher on Tuesday after closing for more than seven years as Russia decided to withdraw some of its units from the Ukrainian border, easing concerns about the risk of a Russian invasion. at any time “, as the United States has been warning lately.
In particular, the crude for March delivery lost $ 3.39, or nearly $ 3.6, at $ 92.07 a barrel on the New York Mercantile Exchange. The contract was found at the bottom of the day to fall almost $ 5 at most from November 30 when the omicron mutation caused strong shocks in world markets.
Brent April, meanwhile, fell $ 3.20, or 3.3%, to $ 93.28 a barrel on ICE Futures.
It is noted that both contracts closed on Monday at the highest level since September 2014.
Brent prices climbed 50% in 2021, while US crude jumped about 60%, as global demand recovered strongly after the 2020 recession due to the pandemic.
Investors, meanwhile, continue to watch discussions over Iran’s nuclear program, as reaching an agreement will pave the way for increased exports to the world market.
Russian Foreign Minister Sergei Lavrov spoke with his Iranian counterpart Hossein Amir-Abdollahian on Monday, with the two men making “significant progress” in reviving the Iran nuclear deal.
In free fall and gas prices
In Amsterdam. The March contract on natural gas fell 15%, while the corresponding British contract plunged more than 15% amid some initial indications that the West and Russia are trying to find a common framework for the de-escalation of the crisis.
In a joint press conference with Russian President Vladimir Putin, German Chancellor Olaf Soltz stressed that “it must be possible to find a solution, no matter how difficult and serious the situation may seem”, while stressing that “for my generation a war is something the unthinkable “.
“When asked if we want a war or not, of course we do not want it, I belong to the same generation of chancellors,” said Vladimir Putin, giving strong impetus to hopes that the diplomatic effort has not been exhausted.
A Russian invasion of Ukraine would lead to a full-blown military conflict, with the West warning of a strong package of sanctions against Moscow. This in turn is expected to lead the Kremlin to further reduce gas exports to European markets. Russia accounts for about 30% to 40% of Europe ‘s gas supply, with a total volume of 16.3 billion cubic feet per day in 2021.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
