By: Dr. Franyi Sarmiento, Ph.D., Inspenet, April 4, 2022.
Oil traded stable today in the middle of a volatile session influenced by the tensions generated from the conflict in Ukraine and the sanctions imposed by the West on Russia.
The release of strategic reserves by consuming countries eased concerns about supply shortages amid geopolitical tensions and the lack of a nuclear deal with Iran.
European benchmark Brent crude was down seven cents, or 0.07 percent, at $104.32 a barrel, while U.S. West Texas Intermediate (WTI) crude was up three cents, or 0.05 percent, at $99.29. . Both contracts came to improve more than a dollar in the session.
The conflict in Ukraine intensified supply concerns. Sanctions imposed on Russia and buyers’ avoidance of Russian oil have caused production to fall and raise fears of further losses.
Furthermore, the release of reserves will alleviate, but will not eliminate, the supply deficit, according to the oil agent PVM.
On behalf of that pollster (PVM), Stephen Brennock, said that in view of this, it will be necessary to bet that oil prices are below 100 dollars a barrel.
Latin Press Source : https://www.prensa-latina.cu/2022/04/04/notifican-estabilidad-en-las-operaciones-de-petroleo