Global oil prices witnessed a significant decline after futures’ contracts in New York closed 1.5 percent lower after trading in a range of more than five dollars a barrel.
“Bloomberg” attributed the decline to the developments of the Russian-Ukrainian peace talks, following positive Russian statements on the Ukrainian proposal regarding Ukraine’s transformation into a neutral state while retaining its armed forces, in addition to the position of the Prime Minister of the Unity Government, Abdel Hamid Dabaiba, who called for an increase in oil production for OPEC + countries, with optimism expressed by
Global oil prices witnessed a significant decline after futures contracts in New York closed 1.5 percent lower after trading in a range of more than five dollars a barrel.
“Bloomberg” agency attributed the decline to the developments of the Russian-Ukrainian peace talks, following positive Russian statements on the Ukrainian proposal regarding Ukraine’s transformation into a neutral state while retaining its armed forces, in addition to the position of the Prime Minister of the Unity Government, Abdel Hamid Dabaiba, who called for an increase in oil production for OPEC + countries, with optimism expressed by British Prime Minister Boris Johnson after meeting with the Saudi Crown Prince about the possibility of the kingdom increasing its production.
Oil markets are experiencing one of the most volatile trading periods ever, as the war in Ukraine and the ensuing sanctions against Russia; to severe price fluctuations that pushed prices to historical levels, in addition to the outbreak of the Coronavirus in China since the beginning of the pandemic.
