Thus, benchmarks closed at their lowest since the end of last month. It is worth remembering that both contracts come from registering the 30 most volatile days since June 2020 and have accumulated a rise of approximately 36% so far this year.
“Oil prices are reflecting a bearish sentiment derived from expectations of progress in the latest round of negotiations between Russia and Ukraine”said Kaushal Ramesh, an analyst at energy analytics provider Rystad Energy.
Talks between Russia and Ukraine started on Monday and communication between the two sides is difficult but continues, Ukrainian presidential adviser and negotiator Mykhailo Podolyak said in a message on Twitter.
In parallel, China, the world’s largest importer of crude oil and the second largest consumer after the United States, is experiencing a sharp rise in symptomatic cases of Covid-19, as the highly transmissible omicron variant spreads to more cities, triggering outbreaks from Shanghai to Shenzhen.
Its daily figures for new cases have hit two-year highs, with 1,437 new confirmed coronavirus infections reported on March 13.
Russian oil and gas condensate output rose to 11.12 million barrels per day (bpd) so far in March, two sources familiar with the pumping data told Reuters, despite sanctions on Russian crude. .
The United States announced a ban on Russian oil imports and Britain said it would phase them out until the end of the year. Russia is the world’s largest exporter of crude oil and oil products combined, shipping about 7 million barrels a day or 7% of global supplies.
Source: Ambito
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