Analysts noted that the accumulation of oil reserves in the USA, the largest consumer of crude in the world, also had a negative impact on the market.
Oil prices fell on Thursday, amid expectations of a potential global agreement between Ukraine and Russia which, according to forecasts, implies the end of sanctions that disrupted supplies, as well as due to the announcement by US President Donald Trump on introducing reciprocal tariffs, which caused fears of inflation.
Brent crude fell by 55 cents to $74.63 per barrel, while West Texas Intermediate (WTI) dropped by 52 cents to $70.85. On average, prices for Brent and WTI fell by more than 2% following Trump's statement about President Vladimir Putin of Russia and President Volodymyr Zelensky of Ukraine expressing a desire for peace in separate phone calls with him.
Experts note that the sanctions imposed by the USA and the EU reduce oil production in Russia. It should also be noted that oil reserves in the USA increased last week more than expected. According to the Energy Information Administration, oil reserves rose by 4.1 million barrels, reaching 427.9 million barrels at the end of the week, ending February 7.
Thus, the negative price forecast for oil is associated with expectations of the end of sanctions imposed against Russian oil companies and vessels, recently announced by Trump regarding the possible introduction of additional tariffs and the increase in oil reserves in the USA.
