Oil futures fell nearly 4% below a nearly one-month low of $ 100 a barrel in light of plans to release record quantities of crude oil and petroleum products from strategic reserves of the United States and other member states of the International Energy Agency (IEA), and due to ongoing coronavirus lockdowns in a number of multimillion-dollar cities in China, including the capital Beijing.
June Brent oil futures depreciated at 17.00 Bulgarian time by 4.1% to $ 98.50 per barrel, briefly hitting a low of about $ 97.57 per barrel – the lowest price level since March 16 this year.
WTI light crude futures for May delivery fell 4.3 percent to $ 94 a barrel, hitting a short low just below $ 93 – the lowest level since February 25, 2022.
In the past two weeks alone, oil futures have fallen by about 14% since the Russian invasion of Ukraine and subsequent Western sanctions hit multi-year highs of 139.13 and 130 on March 7, respectively. $ 50 a barrel.
It should be borne in mind that on February 23, just before Russia’s invasion of Ukraine, the price of Brent oil was about $ 94 per barrel, and US oil WTI – about $ 92 per barrel.
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