Brent declines on prospects of Ukraine summit
1 year ago

Brent oil maintained its decline in American trade on track for the first loss in three days on prospects of holding a US-Russia summit to fix the Ukrainian crisis, which might diffuse concerns of global supply disruptions.


Brent fell 1.75% to $92.59 a barrel, with an intraday high at $94.96, after rising 0.8% on Friday for another session on Ukraine's sessions. 


Oil prices tumbled 1.75% last week, the first weekly loss in nine weeks amid prospects of resuming Iranian exports to the global market, while US crude inventories rose unexpectedly


French President Emanuel Macron and his Russian and US counterparts agreed in principle to hold a summit on the Ukrainian crisis, but such a meeting would be impossible if an invasion took place.


Global efforts to fix the crisis diplomatically are still ongoing to avoid a flareup of militaristic combat in that zone.


Otherwise, European officials said that an agreement to revive the Iranian deal of 2015 is within reach.


Experts believe can still support further supplies from Iran easily however prices are becoming jittery from the prospect. 

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