Oil rises on supply issues, but extends decline from 14-year high

The price of crude fell and this had a contagion effect on other commodities. It extended the decline from its 14-year high. This very week, the price fell from $136 per barrel to a high of $109 per barrel. This is after Russia pledged to fulfill its contractual obligations.

OPEC and Chevron said there was no shortage of oil in world markets and the United States said it was making progress in getting more oil from other sources. This therefore suggests that there is no supply disruption from Russia.

Russia intends to meet its obligation and then there is enough spare capacity on the international market. So this threat and bounty seems to be coming off prices now.

Watch the accompanying video from CNBC-TV18’s Manisha Gupta for more details.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button