After starting the wheel with a rise of up to 6.5%Brent futures ended down 54 cents, or 0.5%, at $110.60 a barrel.. US West Texas Intermediate (WTI) crude fell $1.23, or 1.1%, to $107.47after a rebound of up to 5.7% in the session.
“I think some of the ‘war angst’ is leaving the market,” said John Kilduff, a partner at Again Capital in New York. “We’ve turned down $130 twice this week. People are starting to wonder if there really is a supply problem. There’s still plenty of Russian supply.”narrowed down
At a government meeting, President Vladimir Putin said Russia – a major energy producer that supplies a third of Europe’s gas and 7% of the world’s oil – would continue to honor its contractual energy supply obligations.
However, oil from the world’s second-largest crude exporter is being shunned over its invasion of Ukraine, and amid uncertainty over where the replacement supply will come from, comments from United Arab Emirates (UAE) officials have sent mixed signals, raised volatility.
Brent had plunged 13% on Wednesday after the Emirati ambassador in Washington said his country would encourage the Organization of the Petroleum Exporting Countries (OPEC) to consider higher production.
UAE Energy Minister Suhail al-Mazrouei retracted the ambassador’s remarks, saying the OPEC member is committed to existing agreements with the group to increase output by just 400,000 barrels per day (bpd). .
Source: Ambito
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