Oil Prices Open Lower, WTI Heads to US$ 107 Per Barrel

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Oil Prices Open Lower, WTI Heads to US$ 107 Per Barrel


Oil prices moved lower in trading earlier this week. This extended last week's decline, as a US official said Russia was showing signs of being willing to enter into substantive negotiations over Ukraine.

Monday (14/3) at 05.48 WIB, the price of Brent crude oil for May 2021 delivery contract fell by US$ 1.93 to US$ 110.74 per barrel.

Meanwhile, the price of WTI crude oil for delivery in April 2022 also weakened by US$ 1.97 to US$ 107.36 per barrel.

Russia's invasion of Ukraine in late February, which Moscow described as a "special operation", has rattled energy markets globally.

However, last week, Brent fell 4.8% after reaching the level of US $ 139.13 on March 7. Meanwhile, WTI oil prices recorded a weekly decline of 5.7% after touching a high of US$ 130.50 at the same time.

The prices of the two benchmark contracts last touched their highest level in 2008. Investors have been worried about tighter oil markets after the Russian invasion.

However, prices fell last week as traders assessed the potential for improvement in supply prospects that have been disrupted by Russia's invasion of Ukraine.

The decline in oil prices earlier this week came after Russia showed signs it may be willing to enter into substantive negotiations over Ukraine, even as Moscow intends to "crush" its neighbour. This was revealed by US Deputy Secretary of State Wendy Sherman on Sunday (13/3) local time.

Russia-Ukraine talks do not take place over the weekend, but will continue today, Russia's spokesman Dmitry Peskov said Sunday by RIA news agency.

Peskov made the comments after Ukraine's presidential adviser Oleksiy Arestovych said Ukraine and Russia were actively in talks on Sunday.

Russia said on Sunday it was counting on China to help it withstand the economic blow from Western sanctions over the war in Ukraine.

But the United States has also warned China not to provide assistance to Russia.


US National Security Adviser Jake Sullivan, who is due to meet top Chinese diplomat Yang Jiechi in Rome later today, warned Beijing would "absolutely" face consequences if it helped Moscow evade sanctions over the war in Ukraine.


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