2022-03-15 15:25:00
OIL PRICE: NEAR $100 AGAIN
REUTERS - March 15 - Oil prices dropped to their lowest in almost three weeks on Tuesday as Russia indicated it is in favour of the Iran nuclear deal resuming as soon as possible.
Ceasefire talks between Russia and Ukraine further eased fears of supply disruptions and surging COVID-19 cases in China fuelled concerns about slower demand.
Brent futures were down $8.90, or 8.3%, to $98 a barrel at 1125 GMT, while U.S. West Texas Intermediate (WTI) crude was down $8.97, or 8.7%, to $94.04 a barrel.
Both benchmarks fell below $100 a barrel for the first time since March 1.
Brent has lost almost $40 since 14-year highs reached on March 7, while WTI has fallen by over $30 since touching highs since 2008 almost a week ago.
The sharp decline in prices follows a statement from Russian foreign minister Sergi Lavrov on Tuesday that Moscow is in favour of the 2015 Iran nuclear deal resuming as soon as possible and is waiting for Washington to lift sanctions on Tehran.
Talks to revive the nuclear accord, which would lead to sanctions on Iran's oil sector being lifted, recently stalled due to Russian demands.
Prices extended their losses from a 5% decline the previous day after a steep jump in daily COVID-19 infections in China raised concerns about the increasing economic costs of the country's tough containment measures.
And talks between Ukrainian and Russian negotiators to ease the crisis were expected to continue on Tuesday.
In addition, the U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts a two-day meeting on interest rates on Tuesday, at which the market expects the first U.S. interest rate increase for four years.
"The dollar may appreciate if the Fed adopts an aggressive approach towards higher interest rates despite ongoing geopolitical risks," said Lukman Otunuga, senior research analyst at FXTM.
-----
Earlier:
2022, March, 14, 11:55:00
OIL PRICE: NEAR $110 ANEW
Brent were last down by $3.81 or 3.4% at $108.86 a barrel, WTI eased $3.85 or 3.5% to $105.48 a barrel.
2022, March, 14, 11:50:00
RUSSIA GUARANTEES ENERGY SECURITY
"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises,"
2022, March, 11, 12:40:00
OIL PRICE: NEAR $112
Brent climbed $2.48, or 2.27%, to $111.81 a barrel, WTI were up $2, or 1.89%, to $108.02 a barrel.
2022, March, 10, 11:10:00
OIL PRICE: NEAR $115 ANEW
Brent were up $2.53, or 2.28%, at $113.67 a barrel, WTI were up $1.64, or 1.51%, at $110.34 a barrel.
2022, March, 9, 13:40:00
OIL PRICE WILL UP TO $300
"It is absolutely obvious that refusing Russian oil would lead to catastrophic consequences for the global market. The price surge would be unpredictable – to more than $300 per barrel, if not more," said Russian Deputy Prime Minister Alexander Novak.
2022, March, 4, 12:15:00
RUSSIA AND SAUDI ARABIA ENSURE STABILITY
During the conversation, it was noted with satisfaction that OPEC+ member countries are consistently fulfilling their obligations to help ensure stability on the global oil market. Russia and Saudi Arabia will continue to coordinate approaches within this format.
2022, February, 21, 11:50:00
GLOBAL ENERGY CRISIS & STABILISATION
In the situation that has obtained in recent months on energy markets, it has become clear that one of the foundations of stability of the modern global world is, in the first instance, reliable energy supply, which cannot be provided without observing a reasonable balance of energy sources and an absence of discrimination against traditional sectors of the fuel and energy complex.
