Oil prices fell by 6.5% at the end of trading on Tuesday, with Brent crude falling below $100 a barrel, with the release of the monthly OPEC report, and optimism about the Russian-Ukrainian talks.
OPEC kept estimates of global oil demand and supply growth unchanged this year, but noted that the war in Ukraine was accelerating inflation and could hurt oil demand.
The oil losses come, in conjunction with ceasefire talks between Russia and Ukraine, amid tightening restrictions on the closure in China, and the non-imposition of sanctions on Russian oil, especially by Europe.
Oil prices today
At the end of the session, the prices of West Texas Intermediate crude futures – April delivery – fell by 6.4%, to reach $ 96.44 a barrel, after recording $ 93.53 during trading.
The prices of Brent crude futures – for delivery in May 2022 – also fell by 6.5%, recording $ 99.91 a barrel, after falling at $ 97.44 during the session.
Oil prices ended their trading yesterday down by 6%, amid anticipation of Russian-Ukrainian talks, as well as an increase in Corona injuries in China.