Oil prices fall due to expected increase in supplies from Russia
Kyiv • UNN
Oil prices fell due to an expected increase in supplies from Russia, slower growth in jet fuel demand, and cautious trading ahead of the Fed's interest rate decision.
On Tuesday, oil prices fell due to an expected increase in supplies from Russia, slower growth in jet fuel demand, and cautious trading ahead of the Federal Reserve's expected decision on US interest rates, UNN reports with reference to Reuters.
Details
Brent crude futures for May delivery lost 15 cents to settle at $86.74 per barrel at 07:08 GMT. Futures for U.S. West Texas Intermediate crude oil fell 13 cents to $82.03. The April contract for WTI, which expires on Wednesday, fell 13 cents to $82.59.
Both benchmarks reached four-month highs in the previous session, where they were supported by a decline in oil exports from Saudi Arabia and Iraq, as well as signs of growing demand and economic development in China and the United States.
The attacks are likely to reduce Russian oil production by 300 thousand barrels per day in addition to planned maintenance shutdowns... However, the reduction in primary refining will lead to an increase in oil exports, which will help Russia to simultaneously achieve a reduction in production and maintain exports at the same level
Russia plans to increase its oil exports through Western ports in March by almost 200 thousand barrels per day. Prices are also affected by uncertainty about possible changes in US interest rates before the Federal Reserve meeting scheduled for March 20 at 18:00 GMT.
Recall
The United Kingdom continues to indirectly import millions of barrels of Russian oil each year through petroleum products refined from Russian crude in countries such as India, which are then exported to the UK, undermining Western sanctions aimed at limiting Russian oil revenues.
