Petrol prices today March 12: Oil has the biggest weekly drop since 11-2021

 Despite ending the trading week in the green, both Brent and WTI commodities posted their biggest weekly declines since November 2021 after nearly touching $140 per barrel.

According to oilprice, at 6:20 am on March 12 (Vietnam time), the price of US WTI crude oil was 109.3 USD/barrel. At the same time, the price of Brent crude oil was 112.7 USD/barrel.

March 11 is a volatile day for "black gold" when the price is sometimes falling, sometimes inching up step by step.

Reuters reported, the price of Brent oil futures increased by 3.34 USD, or 3.1%, in the trading session on March 11, closing at 112.67 USD/barrel, after touching the lowest level of the session at . 107.13 USD/barrel. WTI crude oil price also rose $3.31, or 3.1%, to $10933 a barrel, nearly $5 more than the session low of $104.48 a barrel.

Although the "black gold" closed with a gain of more than 3%, for the whole week, gold prices had their biggest weekly loss since November 2021 as traders assessed potential improvements to the supply outlook. was interrupted by the special military operation that Russia launched in Ukraine.

After gaining more than 20% last week, Brent crude last week fell 4.8%. WTI oil also recorded a weekly loss of 5.7%.

Crude oil prices have skyrocketed since Moscow launched this campaign on February 24. During the week, both Brent and WTI created a "shock" when they reached their highest level in the past 14 years with Brent "touching" 139.13 USD/barrel and WTI conquering the "top" of 130.50 USD/barrel in the first session of the week. trading week.

However, the "black gold" could not stay at the top for long and quickly fell down to 13% - the steepest daily drop in the past two years - in one of the following trading sessions.

Oil prices had a volatile week after rising in shock with the US' decision to ban Russian oil imports, and then slipped when receiving information that more oil could be "pumped" from the United Arab Emirates (UAE). ), Iraq, and from the strategic reserves of the world's major oil consumers.

The possibility of supply from Iran will be difficult to materialize because negotiations to restore the 2015 Iran nuclear deal are facing the risk of collapse after Russia's last-minute demand forced world powers to suspend negotiations.

UBS analyst Giovanni Staunovo said the pause in Iran talks was a factor supporting the market. According to the analyst, market participants will now closely monitor Russian export data for the extent of (supply) disruptions.

Next week the focus will shift to oil market reports from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), Staunovo said. Both suggest that the market will be oversupplied this year.

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