Oil prices are strengthening today after Tuesday’s heavy losses that led prices to bear market with losses over 20% from last week’s highs.
In particular, the WTI in April gained 1.9% to $ 98.27 a barrel after yesterday’s slump at 6.4%. Brent crude jumped 2.9% to $ 102.80 in ICE in May after falling 6.5% on Tuesday.
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.
Source: Capital
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