NextGen Day

ANKOY – Oil prices fell on Friday as supply concerns eased following news that European Union (EU) sanctions on Russia’s oil sector will be lifted, oil flow via the Caspian Pipeline Consortium (CPC) will partially resume, and the United States (US) will release additional oil from its emergency storages if necessary.

At 0724 GMT, international benchmark Brent crude was trading at $118.74 per barrel, down 0.24 percent from the previous session’s close of $119.03 per barrel.

At the time, the American benchmark West Texas Intermediate (WTI) was trading at $111.92 per barrel, down 0.37 percent from the previous close of $112.34 per barrel.

As the Russia-Ukraine conflict continues to dominate the global oil market, prices fell by $6 a barrel during Thursday’s volatile trading after the US and EU imposed new sanctions on Russia, excluding Russian oil and gas exports.

Meanwhile, the G7 countries urged oil and gas producing countries to act responsibly and increase deliveries to international markets, noting that OPEC producers play a critical role.

Russia responded on Thursday by stating that it is considering accepting local currencies or Bitcoin as payment for its oil and gas exports.

Prices fell to $120 a barrel on Wednesday as a result of reports that oil exports from Russia and Kazakhstan via the Caspian Pipeline Consortium (CPC) from the Black Sea would be suspended for one and a half months.

CPC, on the other hand, announced on Thursday that the pipeline would resume partial oil loading following a successful inspection.

Prices fell further after US energy secretary Jennifer Granholm indicated that additional oil from emergency storage could be released.

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