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Commodities

14 Mar 2022

Oil Prices Plunge Prior to Fed Monetary Policy Meeting

The Index Today

On Monday, oil prices plunged by up to $4 per barrel amid increasing diplomatic efforts to put an end to the war in Eastern Europe.

Brent crude futures dropped by 3.4% at $108.86 a barrel at 0741 GMT, as the U.S. West Texas Intermediate (WTI) crude futures also plummeted by 3.5% to $105.48 per barrel. This comes after Russia’s invasion of Ukraine spurred fears over possible supply disruptions which caused oil prices to hit multi-year highs in recent times.

According to Reuters, CMC Markets analyst Tina Teng said, "Oil prices might continue moderating this week as investors have been digesting the impact of sanctions on Russia, along with parties showing signs of negotiation towards ceasing fire."

The U.S. is currently looking to expand their supply options to importing oil from Venezuela, Iran and the United Arab Emirates, after it announced an immediate ban on Russian oil imports. Britain, on the other hand, has opted for a gradual phasing out of oil imports from Russia, which is a major supplier.

©Photo: Wall Street Journal

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