London, Thursday, 24 March 2022
WTI crude futures fell more than 3% to below $111 a barrel on Thursday, after a 5% gain the day before, but volatility is expected to persist as traders take profits and assess the supply and demand outlook, with the Ukraine conflict continuing in the focus.
Additional penalties on Russia are scheduled to be announced by President Joe Biden.
According to Bloomberg, US national security adviser Jake Sullivan stated that a deal between the EU and the US to assure natural gas supply may be revealed as soon as Friday, but a European oil embargo on Russia appears improbable.
Progress in Iran nuclear talks, a pause in Kazakhstan's Caspian Pipeline Consortium terminal owing to storm damage, China's largest coronavirus outbreak to date, and decreased US crude stockpiles are all factors that investors consider.
(Written and edited by: The Decision Maker)