This week begins with a downward marker in the value of Brent Crude, which for the first time since 2020 is below USD 71.

According to data from the ICE (London) stock market, the price of Brent has been showing a downward trend. In this sense, future prices for next May are calculated at USD 70.70.

One of the main reasons for this scenario is the war between Russia and Ukraine, in addition to the uncertainty in the world market as a result of this war.

The decline in the price of Brent Crude at the beginning of this week is estimated at 4 % compared to the previous close. In the last twelve months, in fact, the benchmark crude oil for Europe has accumulated a drop of at least 40 %.

For its part, the benchmark West Texas crude for the United States also shows a downward trend, going from USD 66.74 from the previous close to 64.12 dollars.

M.Pino

Source: negocios.com

(Reference image source: Delfino Barboza, Unsplash)

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This Friday the Russian Deputy Prime Minister, Alexander Novak, announced a reduction in oil production for the month of March.

After the Western countries imposed a top price on Russian oil, the nation made the decision to apply a reduction in its production by half a million barrels, which will take effect next month.

Russia has made it clear in the statement that they will not sell oil “to those who directly or indirectly adhere to the maximum price.” The decision is voluntary; Deputy Minister Novak hopes that “it will contribute to the restoration of market relations.”

The president of Russia, Vladimir Putin, had already signed the measure on the first day of the current month, in response to the cap price of 60 dollars for a barrel of oil that Australia, the G7 and the European Union have imposed.

M.Pino

Source: rtve.es

(Image source reference: Zbynek Burival, Unsplash)

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