Oil prices have fallen on global markets: key factors behind the decline
6 March 10:32
Global oil prices fell on Friday for the first time in six days amid news of possible US government intervention in the futures market to ease supply constraints caused by the war in the Middle East.
This was reported by Reuters, according to "Komersant Ukrainian".
Oil prices
Brent crude futures fell 1.1% to $84.46 per barrel, while West Texas Intermediate fell 1.3% to $79.93.
The decline came after a sharp weekly rise triggered by the escalation of the military conflict in the Middle East and the blockade of the Strait of Hormuz.
The US Treasury Department is considering unusual market instruments to influence energy prices through financial transactions on the futures market.
In addition to financial manipulations, the US authorities have begun to issue special permits for the purchase of Russian oil, which is under sanctions, on tankers.
These steps are aimed at overcoming the supply shortage caused by the shutdown of key logistics routes, which normally carry one-fifth of the world’s daily oil volume.
Market reaction
The first permits to purchase sanctioned Russian oil were obtained by Indian oil refineries, which have already purchased millions of barrels of raw materials.
According to the analytical company Kpler, there are currently about 30 million barrels of loaded Russian oil in the Indian Ocean and the Singapore Strait.
The return of these volumes to the market should compensate for losses from the suspension of production and processing in the Middle East, where the war has led to the shutdown of natural gas liquefaction plants.
