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Crude oil prices slipped. Photos/pexels/pixabay
Then, Brent August 2022 corrected 1.49% at USD108.11 per barrel. West Texas Intermediate (WTI) in June 2022 on the New York Mercantile Exchange (NYMEX) was up 0.97% at USD107.16 per barrel, while WTI July 2022 grew 1.02% at USD105.46 per barrel.
The second decline in world oil price benchmarks occurred after previously surging 4% on Friday (13/5) where WTI reached its highest level since March 28 at USD111.71 per barrel.
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Apart from a number of sentiments, the decline was caused by the realization of investors to secure their profits. Some analysts say there is a potential for another hike amid the European Union’s efforts to impose sanctions on Russia’s reserve embargo.
“The oil market is expected to rise this week due to the pending ban by the European Union on Russian oil, which will further tighten global crude and fuel supplies,” said Fujitomi Securities Co Ltd analyst Kazuhiko Saito. /2022).
To date, the European Union has continued to seek to gradually pass the planned oil embargo from Russia this month, despite concerns over reserves in eastern Europe.
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Last week, Moscow retaliated against Europe’s move by imposing sanctions on European energy companies. This sparked concerns over supply.
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