International oil prices plunged more than 3%, taking a breather. However, it is predicted that the future market situation will be unclear as oil supply is still insufficient compared to demand and a sense of crisis in Ukraine remains.
International oil prices, which hit a seven-year high on news that Russia withdrew some troops near Ukraine, closed down more than 3% on the 15th (local time). Previously, West Texas Intermediate (WTI) jumped more than 6% and Brent Oil jumped more than 5% over the past two days on the 11th and 14th.
Reuters reported on the 15th that international oil prices, which recorded the highest price in seven years, fell more than 3% on news that some troops will return from training near Ukraine.
On the New York Commercial Exchange, WTI closed at $92.07 a barrel, down $3.39 from the previous day and 3.55%. WTI rose steeply this year. It continued to rise after hitting $88.2 a barrel on the 1st (local time), the first trading day of this month, and rose to $95.46 a barrel on the 14th (local time), the highest in seven years.
Brent Crude fell $3.20 and 3.32% from the previous trading day to $93.28 a barrel. Brent crude has also risen steadily since January. The deal on February 1 fell below $90 at $89.16 a barrel, and soared to $96.48 a barrel on the 14th (local time).
According to Reuters, both WTI and Brent Crude recorded the highest prices since September 2014 based on prices on the 14th. In addition, Brent crude oil rose more than 50% last year, and WTI also jumped about 60%. This is attributed to the fact that the global economy is in a recovery phase after the outbreak of COVID-19, but supply is still strained.
However, experts predict that Russia’s withdrawal of some troops after training eased tensions in Ukraine’s war and that Iran’s nuclear negotiations will also resume, contributing to stabilizing oil prices.
