LAST UPDATE 13:20
It cleared morning gains in oil and returned to areas below $ 100, where it was found yesterday after heavy losses that led prices to bear market with losses over 20% from last week’s highs.
In particular, the April WTI is now down 0.5% and is moving at $ 95.84 a barrel after yesterday’s slump at 6.4%.
Brent May also recorded gains of more than 2.9% and now trades at $ 99.24 a barrel at ICE, after Tuesday’s dive of 6.5%.
The Russian invasion of Ukraine sparked a frantic rally, with oil prices climbing to their highest level since 2008, at $ 139 last week. In response to the price rally, the United States is considering easing some restrictions on Venezuela’s oil industry, and efforts to reach an agreement on Iran’s nuclear program have resumed.
Russian Foreign Minister Sergei Lavrov has said that Western sanctions against Moscow will not affect an agreement on Iran’s nuclear program, raising optimism that an agreement allowing the return of Iranian oil to world markets could be reached in the coming days.
For its part, however, the International Energy Agency (IEA) today expressed fears of a “shock” to global oil supply, following sanctions against Russia, revising its 2022 demand forecast.
The agency estimates that as of April, 3 million barrels a day of Russian oil could no longer be available, an amount that could increase if sanctions become more severe or if Russia’s public condemnation becomes larger.
Slightly declining and gas
European gas prices, which used to rise slightly earlier, are also declining.
In particular, the April contract in Amsterdam sees its price fall by 4% and negotiate at 110,815 euros the megawatt hour, while at the high of the day it had reached up to 121.5 euros.
Gas has stabilized to a large extent in general lately, after jumping to 345 euros last week, with signs of progress in the Russia-Ukraine talks pushing prices lower and lower.
In addition, Norway said today that it would boost gas production in the coming months to deliver larger volumes to Europe, helping to allay concerns about supply pressures.
Source: Capital
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