Supply Fears Ease, Oil Prices Drop – 24 March, 2022

Oil prices fell roughly $1 by the end of this week as the United States and allies considered releasing more oil to cool markets. Brent crude futures were down 0.9% or $1.07 to $117.96 per barrel, having slid 2.1% the previous session. U.S> West Texas Intermediate crude futures dropped 1.1% or $1.20 to $111.14 per barrel after falling 2.3% the previous session. Despite the declines, both contracts were headed for their first weekly gains in three weeks, with WTI on track for a 7% rise and Brent on course for a 10% jump amid fears of supply crunch and sanctions from the worlds second largest oil exporter, Russia. The U.S. and allies have been discussing a release of oil from storage in hopes it will help ease prices.