What are the factors that contributed to the decrease in price

What are the factors that contributed to the decrease in price

On Tuesday, March 15, this year, oil prices fell sharply again, falling by more than 6%, driven by factors such as negotiations between Russia and Ukraine, a possible slowdown in demand in China and lower trading volumes. before the expected increase in interest rates by the Federal Reserve, CNBC reports.

In the context of the price of WTI oil, a reference in the American market, it fell by 6.2% to $ 96.59 per barrel, after a decline of almost 6% recorded on Monday.

In fact, the price of Brent oil fell by 6.6% to $ 100.24 per barrel, accelerating the decrease of 5.12% from the previous day.

Overall, during trading, the price of WTI oil fell to $ 93.53 a barrel, and that of Brent oil to $ 97.44 a barrel, the lowest levels since February 25.

In his opinion, “worries about economic growth caused by a wave of stagflation caused by the conflict between Russia and Ukraine, rising interest rates by the Fed and hopes that progress can be made in the Russian-Ukrainian negotiations bring down prices,” Jeffrey said. Halley, an analyst at Oanda.

Thus, oil prices exceeded $ 100 a barrel for the first time in recent years on the day Russia invaded Ukraine on February 24 and continued to rise as the conflict intensified.

Specifically, the price of WTI oil reached a maximum of $ 130.50 per barrel last week, and that of Brent oil rose to $ 139.26 per barrel.