Rising crude oil prices after Tuesday’s slump, natural gas is falling

Oil prices are moving in a positive direction on Wednesday after the heavy losses they experienced yesterday, with the attention remaining on the developments in the Ukrainian crisis for signs of normalization of the tension that led to a rally in prices in the previous days.

Brent gained 62 cents, or 0.7%, to $ 93.90 a barrel after Tuesday’s 3.3% drop in Moscow’s announcement that it was withdrawing some of its units from the Ukrainian border.

US WTI rose 64 cents, or 0.7%, to $ 92.71 a barrel. The contract lost 3.6% yesterday.

Both contracts climbed to the highest level since September 2014 on Monday as the Ukrainian crisis fuels concerns about the security of the global supply.

Western powers, however, have been skeptical of Russia’s announcement that it is withdrawing its troops, with US President Joe Biden warning in a White House statement that a Russian invasion of Ukraine remains possible.

In Amsterdam, the March delivery contract loses 6.6%.

Source: Capital

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