Oil started to decline at the beginning of a new trading week

On Monday, the price of oil continued the decline, which began last week: the current Brent quote is $107.34 per barrel. Although more recently the price rose to the level of $ 130 per barrel. WTI quotes dropped to $102.82 per barrel (the recent high is $125.80). In total, at the end of the week, Brent fell by 5%, WTI – by 6%.

Oil market participants continue to closely monitor the situation around Ukraine. The President of the country, Vladimir Zelensky, said that negotiations between representatives of the delegations of Russia and Ukraine continue every day in a video format. Zelensky noted that the main task of the delegations is to organize a future meeting of the presidents of the conflicting countries.

Another factor influencing the dynamics of oil prices is the unclear prospect of the return of Iranian oil to the world market. Last week, Russia demanded from the United States legally formalized guarantees that Western sanctions would not hinder full-fledged trade, economic and investment cooperation between Moscow and Tehran in the event of the restoration of the agreement on the Iranian nuclear program (JCPOA).

In response, the United States stated that it did not consider it possible to negotiate exceptions to sanctions against the Russian Federation concerning its trade with Iran in order to preserve the JCPOA.