The sharp drop in oil prices leaves them at very high levels
The oil market reacted logically to the announcement of a partial withdrawal of Russian troops massed on the border with Ukraine: prices showed their biggest daily…
Brent 1st-nearby prices edged down yesterday, but they remain elevated, above $71/b. WTI prices are slightly below $69/b. Prices were dragged down by a strong dollar and the further sharp decline in US crude inventories was accompanied by a surge in product stocks. But in parallel, Saudi Arabia increased prices for its Asian consumers more than expected, a bullish signal for the market.
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