WTI drops below $90 mark on potential truce between Russia and Ukraine By Sagar_Dua24 WTI DollarIndex OPEC RiskAppetite Oil
President Joe Biden has accepted to meet Russian leader Vladimir Putin on security and strategic stability in Europe. The confirmation of the meeting has come along with a condition stating that Russia doesn’t invade Ukraine.
Should this occur, the crude oil supply will not worsen further as Russia will not find any sanctions from the Western leaders. Earlier, the market participants claimed that restrictions on the exports from Russia may reduce the supply of oil and increase the price eventually. The economy is already encountering a tight oil supply environment and any further slippage in total oil stocks could halt the operating activities.
The announcement has eased the volatility in the market principally and risk-on impulse is getting more traction. TheApart from that, Saudi Energy Minister Prince Abdulaziz bin Salman said at an energy conference in Riyadh Sunday, OPEC and its allies should come across to keep oil market stability in the long term.
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