Brent posted a small 0.9% rise in its ninth weekly gain, while WTI fell 1.7% week, snapping an eight-week rally. Fears over possible supply disruptions resulting from the Russian military presence at Ukraine’s borders limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks. The oil market rose slightly in after-hours trading after U.S. President Joe Biden said that he was convinced Russian President Vladimir Putin had made a decision to invade Ukraine in the coming days. A senior European Union official said that a U.S.-Iranian deal to revive Iran’s 2015 nuclear agreement with world powers was close but success depended on the political will of those involved. Adding pressure onto WTI, U.S. drillers added four oil rigs this week, with the rig count.
Brent posted a small 0.9% rise in its ninth weekly gain, while WTI fell 1.7% week, snapping an eight-week rally. Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks. The oil market rose slightly in after-hours trading after U.S. President Joe Biden said that he was convinced Russian President Vladimir Putin had made a decision to invade Ukraine in the coming days. A senior European Union official said that a U.S.-Iranian deal to revive Iran's 2015 nuclear agreement with world powers was close but success depended on the political will of those involved. Adding pressure onto WTI, U.S. drillers added four oil rigs this week, with the rig count.
Oil falls on prospect of Iran oil sanctions easing
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