Oil prices vary

Global oil prices on April 8 morning varied against a controversial news background, Report informs referring to the auction data.

Thus, the price of June futures for Brent crude fell by 0.01% to $100.57 per barrel, May futures for WTI rose by 0.44% to $96.44.

The reason for the multidirectional dynamics is that investors fear a possible reduction in oil on the market amid tightening anti-Russian sanctions. Thus, the head of EU diplomacy, Josep Borrell, said that on April 11, EU foreign ministers would discuss sanctions against Russian oil.

But at the same time, fears about the shortage of raw materials are reduced amid reports that the US, along with other IEA countries, plans to release 240 million barrels of oil from strategic reserves to the market.

In addition, the negative price dynamics is supported by fears for the development of the global economy against the backdrop of the outbreak of COVID-19 in the largest oil importer - China. The country’s government has introduced restrictive measures to stop a new surge in the pandemic. Thus, restrictions on the movement of the population led to a reduction in demand for oil.