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Posted on: Thursday, February 24, 2022 – 2:14 AM | Last update: Thursday, February 24, 2022 – 2:14 am
Oil prices fluctuated in trading today, Wednesday, between rise and fall, as markets are still affected by the United States’ decision to impose sanctions on Russia over the Ukraine crisis, and the possibility of reaching an agreement on the Iranian nuclear program, which will lead to an increase in supplies in the markets.
Brent crude, the global oil standard, was trading close to $97 a barrel, after rising yesterday to about $99.50 a barrel.
This came at a time when US President Joe Biden announced imposing sanctions on sales of Russian sovereign bonds, and on a number of senior Russian officials, in response to what the US President described as the beginning of the invasion of Ukraine.
The price of West Texas Intermediate crude, the benchmark for American oil, fell today by 0.3% to $91.63 a barrel for delivery next April, in New York Stock Exchange trading until 8:40 am this morning local time, and in London Stock Exchange trading, the price of Brent crude fell by 0.2 % to reach $96.63 a barrel for next April delivery.