Crude oil prices continued to fall today, with WTI futures slipping below $105 and Brent at $112.
As of 9:13 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in May. It traded on the NYMEX minus $9.09, or 7.98%, to $104.81/barrel. The price of Brent crude oil (BRENT) minus $9.20 or 7.50% to $111.45 a barrel.
The price of oil fell After China announced the Shanghai lockdown measures. which is the financial center to control the spread of COVID-19 This made investors worried that it would affect Chinese oil demand. which is the world’s largest crude oil importer
Oil prices have also been hit by the European Union’s failure to agree on plans for Russian oil sanctions. including reports that Caspian Pipeline Consortium (CPC) has begun resuming some of its oil exports. After the previous export suspension due to damage from the storm
Oil prices have also come under pressure as US National Security Adviser Jake Sullivan said the United States and allies had made progress in negotiating the Iran nuclear deal. which, if such an agreement is reached It will pave the way for Iran to return to export oil in the market.
Investors keep an eye on the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Or OPEC Plus on March 31, which is expected that OPEC Plus will still have a resolution to adhere to the original agreement. It will increase oil production only 400,000 barrels / day for May.
