Oil prices sharpen decline to two-week trough on Russian supplies

Oil prices fell in European trade for the second straight day, with US crude hitting two-week lows, while Brent plumbed three-week lows as Russian supplies strengthen. 

Such updates overcame geopolitical concerns from Iran after an attack that occurred on military facilities in Iran, threatening a widening crisis in the Arab Gulf region. 

Global Prices

US crude fell 2.3% to $78.13 a barrel, the lowest since January 13, while Brent declined 2.2% to $84.78 a barrel, the lowest since January 19. 

US crude lost 2.1% on Friday while Brent gave up 1.5%, the third loss in four days as dollar rebounded. 

Global oil prices lost 2.25% on average last week, the first loss in three weeks as Russian supplies strengthened. 

Russian Supplies

Reuters reported an increase in crude loading in Russian Baltic ports by 50% in January compared to December. 

Russian producers are trying to meet strong demand in Asia and especially Asia and benefit from higher energy prices. 

Geopolitical Tensions

Oil prices rose in early Monday trading amid Middle East tensions after a drones attack on military facilities in Iran's Isfahan. 

Even as the situation remains highly murky, analysts warn from a potential disruption of supplies through the Arab Gulf region if escalation occurred.