World oil prices fell 2% on Thursday, after hitting multi-year highs on fears of Russian export disruptions, at 4 to 5 million bpd (bpd). .

Brent oil futures fell $2.47, or 2.2%, to $110.46 a barrel, while U.S. crude (WTI) fell $2.93, or 2.6%, to 107.67 USD.

Both grades rose to multi-year highs, with Brent crude rising to $119.84, its highest since May 2012 and WTI hitting its highest since September 2008 at 116. 57 USD.
The price of Brent oil has increased by nearly 25% since tensions between Russia and Ukraine escalated.
The United States and Iran are close to concluding negotiations on a nuclear deal that could bring more than a million barrels a day of oil, or about 1% of global supply, back to the market. “We’re close to reaching a viable agreement,” Jalina Porter, the State Department’s chief deputy spokeswoman, told reporters.
The Organization of the Petroleum Exporting Countries and the major producing countries OPEC +, decided to maintain production increased by 400,000 bpd in March.

Meanwhile, US oil inventories continued to decline. Oil inventories at Cushing, Oklahoma are at their lowest level since 2018, while US strategic inventories fell to a near 20-year low.

T&G International Joint Stock Company

Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi

Hotline: 0345786803

Email: hrm@tginterjsc.com

Website: http://tginternationaljsc.com