Petrol price today March 14: Red oil floor

Oil prices started the new week session with a slight decline of more than 1%. Brent oil has been pushed below 112 USD/barrel. Another volatile week for oil begins again.

According to oilprice, at 6:20 am on March 14, the price of US WTI crude oil for April delivery was trading at 107.7 USD/barrel, down 1.68 USD, equivalent to 1.54%.

At the same time, the price of Brent crude oil for May delivery was trading at 111.6 USD/barrel, down 0.93%, equivalent to 1.05 USD.

Last week, both WTI and Brent oil products "touched" their "peaks" in the first trading session of the week with Brent rising "shockingly" to 139.13 USD/barrel, WTI over 130 USD/barrel.

This price increase is due to the market's concern that the supply shortage will continue to increase when buyers "reject" access to Russian oil due to fear of more new sanctions against Russia, as well as the difficulty get oil from Iran because of the delay in ending the Iran nuclear negotiations that seemed within reach.

However, the "shocking" rise of oil prices did not last long. Oil prices have gradually decelerated and turned back to "sliding" by 13% as the market received information that the Iran nuclear negotiations had fallen into "stalemate" when Russia asked the US to ensure that the sanctions were not met. which the country faces during the Ukraine conflict will not affect its trade with Tehran.

Oil prices rose slightly after US President Joe Biden announced that the US would ban Russian energy imports. This will make Russia's oil supply more difficult, because there will be many countries that will likely act like the US in the near future.

The Russian oil shortage then paid off with the United Arab Emirates and Iraq's ability to refuel, pushing oil prices downhill.

Oil prices then supported the decline with news that major oil consuming countries in the world could release more oil from their strategic reserves.

The price of "black gold" last week has continuously fluctuated. Despite gaining gains at the close of the week, the "black gold" had a falling week with Brent down 4.8% and WTI down 5.7%.

It is certain that this week's oil prices will also continue to fluctuate according to the developments of the Russia-Ukraine conflict that has not yet ended, oil market reports from the International Energy Agency (IEA) and the Organization of Nations oil exports (OPEC), as well as possible EU sanctions on Russia.

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