Oil prices vary

Global oil prices on March 11 morning showed no clear dynamics after two trading sessions of decline, Report informs referring to the auction data.

Thus, the price of May futures for Brent crude fell by 0.05% to $109.28 per barrel, April futures for WTI rose by 0.25% to $106.29 per barrel.

Supply prospects were the main expectation of traders during the week. After the start of trading this week, due to significant uncertainty, the price of Brent briefly hit $139.13 a barrel - the first time since July 16, 2008, WTI - rose to $130, the first time since September 22, 2008.

After the adjustment, prices rose to an average of $130 per barrel, but fell more than 10% on March 9, continuing their decline on March 10. Since the beginning of the week, the price of oil may show a decline of an average of 7.5% and 8%, respectively, which could be the strongest weekly decline since November 2021.

Oil prices are supported by fears about supplies against the backdrop of sanctions against Russia. On March 8, the US imposed a ban on the import of Russian oil, a number of petroleum products, liquefied natural gas (LNG) and coal. Following this, the UK announced that by the end of the year it would stop importing oil and oil products from Russia. Later, prices fell after UAE Ambassador to the United States Yousef Al Otaiba said that the country is in favor of expanding oil production and intends to promote a corresponding decision in OPEC.

At the same time, analysts note the influence of Russian rhetoric on the cost of raw materials. Russia has tried to ease fears that buyers are avoiding its oil: the Russian foreign minister said that the country has enough buyers for its oil and gas even in the face of Western sanctions. The strengthening of the dollar is also a deterrent for oil, as it increases its cost for foreign buyers, experts say.