Oil prices fall from 7-year high on tensions in Russia

Oil prices fall from 7-year high on tensions in Russia

Oil pumping in Loving County, Texas (USA)

By Stephanie Kelly

NEW YORK (Reuters) – Oil prices fell on Thursday after Brent hit a seven-year high above $90 a barrel, as the market balanced worries about tight global supplies with expectations that the Federal US Reserve will tighten monetary policy soon.

Global benchmark Brent fell 62 cents to close at $89.34 a barrel, while U.S. crude closed down 74 cents at $86.61 a barrel in a volatile session with both contracts. moving between positive and negative territory.

Prices rose on Wednesday, with Brent rising above $90 a barrel for the first time in seven years amid tensions between Russia and the West. Threats to the UAE from the Yemeni Houthi movement have heightened nervousness in the oil market.

Russia, the world’s second-biggest oil producer, and the West are at loggerheads over Ukraine, stoking fears that energy supplies to Europe could be disrupted, although concerns are focused on gas supplies rather than oil. .

“The market is very erratic in the headlines about the Russia-Ukraine situation,” said Phil Flynn, senior analyst at Price Futures Group. “There is uncertainty about what will happen.”

The market is starting to turn its attention to the February 2 meeting of the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+.

OPEC+ is likely to stick to the planned increase in its oil production target for March, several of the group’s sources told Reuters.

(Additional reporting by Ahmad Ghaddar and Noah Browning in London and Emily Chow in Beijing)

tagreuters.com2022binary_LYNXMPEI0Q136-BASEIMAGE


know more

+ SP: Man dies standing, leaning against car, and scene scares residents on the coast

+ One twin became vegan, the other ate meat. Check the result
+ Reincarnation in history: an age-old belief

+ Andressa Urach asks for money on the internet: ‘Help me pay my card bill’

+ Horoscope: check today’s forecast for your sign

+ CNH: see what you need to know for the application and renewal
+ See which were the most stolen cars in SP in 2021
+ Expedition identifies giant squid responsible for ship sinking in 2011
+ Everything you need to know before buying a crockpot
+ US Agency warns: never wash raw chicken meat
+ What is known about fluorone?
+ Trick to squeeze lemons becomes a craze on social media

+ IPVA 2022 SP: see how to consult and pay the tax


About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

Check Also

Amazon to close bookstores and other physical stores | Technology

Amazon said on Wednesday it plans to close all 68 brick-and-mortar bookstores, kiosks and toy …