The barrel of the WTI variety fell 0.5% and closed at US$71.70 while the guy Brent fell 1.2% and settled at US$76.30according to figures provided by the New York Mercantile Exchange
Naem Aslaman analyst at Avatrade, said that “prices are oversold due to the intense liquidation of the last days. Nevertheless, price action is not yet showing a strong bullish bias“.
So much Brent and WTI hit 2022 lows on Wednesdaywiping out all the gains made after Russia’s invasion of Ukraine exacerbated the world’s worst energy supply crisis in decades and sent oil near its all-time high of $147.
Western officials were in talks with their Turkish counterparts to settle tanker queuesa British Treasury official said on Wednesday, after the G7 and the European Union put in place on December 5 new restrictions on Russian oil exports.
The tails suggest that “available supply from the Black Sea has already been affected by the punitive measure“, said Tamas Varga, of the PVM brokerage in dialogue with Reuters. “In a healthy economic climate, such an event would be tantamount to kicking off the race back to $100.”
Source: Ambito
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