LAST UPDATE: 8:45
Oil prices returned to negative territory late Wednesday afternoon, following the rise caused by supply concerns, due to the forthcoming new sanctions against Russia, after the announcement of the International Energy Agency (IEA) that it will release some of the in order to de-escalate the prices of “black gold”.
In particular, according to sources quoted by Reuters, from two governments of ILO member countries, the members of the Organization agreed to release 60 million barrels of oil from their reserves, in addition to those that the US has pledged to release.
Brent futures fell $ 3.61, or 3.39%, to $ 103.03 a barrel.
The WTI fell $ 3,396, or 3.88%, to $ 98 a barrel.
Earlier, oil prices rose as the United States and its allies prepared new sanctions in Moscow over the killing of civilians in northern Ukraine, which President Zelensky described as “war crimes” and demanded a corresponding punishment.
“Concerns are growing again over limited supply as the US and Europe tighten sanctions on Russia,” analysts said.
Growing supply concerns have offset falling prices due to the stronger dollar, making oil more expensive for those with other currencies.
Nissan Securities analysts point out that oil prices will remain close to $ 100 a barrel for some time amid demand concerns and expectations of a non-conflict in the Middle East during Ramadan, but may rise again after Ramadan and as the holiday season begins in the USA.
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.
