Oil prices fell on the New York and London stock exchanges. WTI crude oil reached $ 100 a barrel at one point to rebound from this limit and go up $ 2. Brent, on the other hand, fell below $ 104 a barrel to hover around $ 106 on Monday evening.
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Brent prices on Monday reached a maximum of $ 110. for a barrel, but for most of the day they dropped to approx. 4:00 PM take off from $ 104 and walk to around $ 106-107. WTI crude oil behaved similarly, cheaper from just under $ 107. to even 100. Later, the prices increased by about $ 2.
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On the day of Russia’s attack on Ukraine on February 24, the Brent barrel was valued at $ 99, and the WTI at $ 92.8.
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Another round of Russian-Ukrainian negotiations
“The turmoil on the crude oil market is in full swing. The first day of the week brought a strong decline in black gold due to the revival of hopes for a diplomatic agreement between Russia and Ukraine and uncertainty about the epidemiological situation in China, which, as a reminder, today introduced a full lockdown of the city of Shenzhen, which is the largest high-tech area in the Middle Kingdom, “XTB analysts wrote in the commentary.
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Also read: City blockade, closed factories >>>
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They added that “this situation threatened with a decline in demand, due to the shutdown of production in that region of the world.”
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“The pressure was also caused by the position of India, which announced that it is considering the release of state oil reserves, as well as the preferential concentration of fuels from Russia. Today, WTI oil tested the psychological barrier of $ 100 per barrel, thus dropping to an almost 2-week minimum” – they stressed.
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Gas prices
Valuations of gas contracts with delivery in the coming months at the Dutch TTF hub were cheaper on Monday by approx. 15 percent. than on Friday. At the end of the day, trading was at EUR 110 per MWh.
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In turn, contracts for delivery in October and November were at the level of EUR 100. On the other hand, gas with later delivery was cheaper than EUR 100.
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The Ukrainian transmission operator GTSOU did not report any disruptions to the transit of Russian gas to the West via the Ukrainian transmission system on Monday.
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photo-source">Main photo source: Shutterstock
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