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Oil prices fell on Tuesday as investors took advantage of the previous day’s rally to seven-year highs and as the global stock market slumped, although losses were limited by fears that Russia might attack Ukraine and disrupt inventory.
Brent Crude Futures was at $ 96.19 a barrel at 0205 GMT, down 29 cents, or 0.3%, after rising $ 2.04 on Monday.
Crude oil A.S. West Texas Intermediate (WTI) fell 36 cents, or 0.4%, to $ 95.10 a barrel, after getting $ 2.36 the previous day.
Both benchmarks reached the highest since September 2014 on Monday, with Brent touched $ 96.78 and WTI reached $ 95.82.
Russia is one of the largest oil and gas producers in the world, and the concern can attack Ukraine has pushed the rally in oil to $ 100 per barrel, a level that was not seen since 2014.
“Investors took advantage of the rally Monday even though they were hesitant to take a new short position due to increasing tensions in Eastern Europe,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
“The oil market may see a real correction if Iran-U.S. The agreed nuclear agreement or global equity is increasingly bright amid fears of inflation and more stringent monetary policy by the central bank,” he said.
The portfolio manager is still bullish on the prospect of oil. But prices have increased by more than 30% in less than three months and there are concerns about increasing inflation and interest rates, encouraging fund managers to take some advantages last week.
Investors also watch talks between the United States and Iran. Iranian Foreign Minister said Iran was “being in a hurry” to reach a quick deal in nuclear talks in Vienna, provided the national interests were protected.
Global stocks down on Monday at a commemoration a.s. Russia can immediately attack Ukraine. [MKTS / GLOF]
Ukrainian President Volodymyr Zelenskiy asked Ukraine to fly the country flag from the buildings and sing the national anthem at the same time on February 16, dating that some Western media had been quoted as possible Russian invasion.
Some Western media organizations have quoted A.S. And another official quoted the date when Russian forces will be ready for attacks.
Meanwhile, Head of the International Energy Agency (IEA) Fatih Birol urged OPEC +, the organization of petroleum exporting countries and allied manufacturers, to close the gap between his words and actions.
Deficitnesses in OPEC + production and backup capacity problems tend to keep the oil market tight and prices can reach $ 125 per barrel in the second quarter of this year, said JP Morgan Global Equity Research.
