Crude oil prices fall, extend decline from last week

The crude oil price fell 5.7 percent in the previous week; saw a high of USD 139 per barrel for the Brent crude price. It has come off USD 30 per bbl from the high.

The Russia Ukraine conversation will continue today as well and that’s what the markets are watching for. And there have been talks of potential supply boost also from Venezuela, Iran and UAE and that seems to have taken the premium off the prices.

However, crude oil prices will not go below USD 100 a barrel especially for the Brent because Iran has carried out a missile strike in Iraq, the Iran nuclear deal talks also have halted and these factors will also continue to support.