Oil prices in Asia rebounded

At 2:30 p.m., oil prices Brent rose $2.64, or 2.6%, to $102.55 a barrel, while U.S. light sweet crude (WTI) rose $1.91, or 2%, to trade at 98.35 USD/barrel. Before that, both oils fell by more than 1 USD/barrel, of which Brent oil fell to 98.86 USD/barrel and WTI oil dropped to 94.90 USD/barrel.

Ukrainian President Volodymyr Zelenskiy said on March 16 that the positions of Ukraine and Russia at the negotiations were more realistic, but the two sides still needed more time.

Previously, in the trading session on March 15, the world oil price fell below the threshold of USD 100/barrel for the first time in 3 weeks. Closing the session in New York, the price of WTI light sweet oil for delivery in April decreased by 6.57 USD (6.4%) and stopped at 96.44 USD/barrel. Meanwhile, the price of Brent North Sea oil for May delivery fell $6.99 (6.9%), closing at $99.91/barrel.

Recently, oil prices surged on speculation that supply would tighten further due to sanctions targeting Russia’s energy sector.

According to many experts, oil prices will increase in the near future. Crude oil prices may continue to come under pressure as high inflation will eventually stifle economic growth and weaken demand.

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