Oil deepens its losses upon settlement… and “Brent” drops below $87


The price of US NYMEX crude for March delivery fell 2.2%, or $1.83, to $83.31 a barrel.

The price of futures contracts for the benchmark Brent crude for March delivery also decreased by 1.8 percent, or 1.62 dollars, to reach 86.27 dollars a barrel.

Phil Flynn, an analyst at Price Futures Group, told Reuters that with the decline in stocks, the markets are entering a stage of risk aversion.

Flynn added that the long-term expectations indicate a rise in oil prices, but in the short term geopolitical tensions in Eastern Europe and the Middle East may pressure oil price movements.

Tensions have been rising in Ukraine for months after Russia massed its forces near its border, raising concerns about supply disruptions in Eastern Europe.

In a separate context, the heads of major US oil companies, “Occidental Petroleum Corp.” and “ConocoPhillips”, presented mixed expectations about the growth of US oil production during today’s conference.

Ryan Lance, CEO of ConocoPhillips, expressed his optimism about the oil market and the continued rise in prices for some time, and US production exceeded its record levels of 13 million barrels per day recorded in late 2019, while Vicki Hope, CEO of Occidental, expected Petroleum” expected production to grow in the United States, but it would still be far from record levels.

Barclays raised its forecast for the average oil price by five dollars a barrel for this year, citing shrinking spare capacity and increasing political risks.





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