WASHINGTON (dpa-AFX) - After bouncing back from a near 13% drop suffered in the previous session, Crude oil prices retreated on Thursday afternoon to eventually settle on a weak note.
Reports that Russia has pledged to fulfill contractual obligations, helped ease concerns about supply disruptions and dragged down crude oil prices from higher levels.
Also, there were conflicting comments from the United Arab Emirates on whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.
West Texas Intermediate Crude oil futures for April settled at $106.02 a barrel, down $2.68 or about 2.5% from the previous close. The contract climbed to a high of $114.88 a barrel earlier in the day.
Brent crude futures were down $1.55 or 1.38% at $109.59 a barrel.
Russian President Vladimir Putin said Russia - a major energy producer which supplies a third of Europe's gas and 7% of global oil - would continue to meet its contractual obligations on energy supplies.
After the UAE's ambassador to Washington said Wednesday that his country would encourage the Organization of the Petroleum Exporting Countries to consider higher output, UAE Energy Minister Suhail al-Mazrouei backtracked today on the ambassador's statement and said the OPEC member is committed to existing agreements with the group to boost output by only 400,000 barrels per day (bpd) each month.
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