Jakarta –
Oil prices the world plunged another 2% on Thursday. It came after Russia promised to fulfill its contractual obligations.
Brent oil futures fell $1.81, or 1.6%, to $109.33 per barrel. Meanwhile, US West Texas Intermediate (WTI) fell US$2.68, or 2.5%, to US$106.02 per barrel. The market extended losses with Brent down to $109.09 and WTI down to $105.79.
“I think some ‘war anxiety’ is going to come out of the market,” said John Kilduff, partner at Again Capital in New York. ReutersFriday (11/3/2022).
Russian President Vladimir Putin said at a meeting that Russia was fulfilling its contract on energy supply. Russia supplies a third of European gas and 7% of global oil.
The problem is that the world’s second largest exporter of crude oil is being shunned because of its invasion of Ukraine. Meanwhile, many are unsure if a replacement supply will come.
United Arab Emirates (UAE) officials are sending conflicting signals and adding to the volatility. On Wednesday, Brent slumped 13% after the UAE’s ambassador to the US said it would push the Organization of the Petroleum Exporting Countries (OPEC) to produce higher.
Continue to the next page.
–
