Tuesday, November 29, 2022
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Oil prices plunge to $105 after biggest drop in two years – ‘Plenty of Russian supply’

He said: “I think some of the ‘war angst’ is coming out of the market.

“We rejected $130 twice this week.

“People are beginning to ask if there really is too much of a supply problem.

“There’s still plenty of Russian supply.”

On Wednesday, Brent futures fell $1.81, or 1.6 percent, to settle at $109.33 a barrel while US West Texas Intermediate (WTI) crude fell $2.68, or 2.5 percent, to settle at $106.02 a barrel.

In a sign of the volatility of the market, global benchmark Brent Crude recorded it’s biggest decline since the first wave of the coronavirus pandemic in April 2020.

This was in sharp contrast to Monday when a 14 year high of $139 was reached.

On Thursday, Brent settled at $109.09 with WTI at $105.79 in a sign of stabilisation. 

READ MORE:Putin warned he could be ousted from power: ‘Had enough!’

The United States is easing sanctions on Venezuela and attempting to seal a nuclear deal with Iran which could ease supply issues.



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