Oil prices continue to fall as stock markets facted in for Russia Ukraine War
Crude oil prices extended losses early Monday after the biggest weekly drop in two years on supply hopes led by a truce between the United Arab Emirates and the Iran-aligned Houthi group
United Arab Emirates and the Iran-aligned Houthi group that would end military operations at the border, alleviating some concerns about potential supply. Increased US supply resulting from the release of the Strategic Petroleum Reserve (SPR) also weighed on oil prices. in two years. U.S. West Texas Intermediate crude was at $98.45 a barrel, down about 0.8%, with both contracts slipping $1 in early Asian trade on Monday. This week's first losses come after oil prices stabilized around 13% last week, the largest weekly drop in two years, when US President Joe Biden announced the biggest release of oil reserves.
According to the Japanese Ministry of Industry, member countries of the International Energy Agency (IEA) have committed to another coordinated release of oil at a special meeting,” Rahul Kalantri said. , Vice President of Commodities at Mehta Equities.
The US administration announced that up to 1 million bpd of oil would be sold from their SPR for six months starting in May to bridge the gap until producers can boost output and bring supply back into balance with demand
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