WTI crude fell about 8% after hitting a high of $130.50.
Oil prices decline on Friday, March 11, and are on track for their biggest weekly drop since November. Oil is getting cheaper amid efforts to increase supplies to the market from other major producers after the ban on Russian oil, reports the Chronicle.info with reference to RBC-Ukraine. 15% to $109.17 a barrel after falling 1.6% in the previous session. WTI futures are stable at $106.0 a barrel after falling 2.5% on Thursday.
During a week of volatile trading, marked by reports of Russian oil embargoes and then a possible increase in supplies from Iran , Venezuela and the United Arab Emirates, as well as escalating hostilities in Ukraine, the price of Brent crude is on track for a weekly fall of about 7% after hitting a 14-year high of $139.13. WTI oil fell about 8% after hitting a high of $130.50.
«Both contracts could very well drop sharply below $100 a barrel on any news that is perceived as an easing of the disruption to supplies», — said Geoffrey Halley, an analyst at OANDA.
Similarly, both contracts could easily go back to $115 or more with any negative headlines, he said.
Prices are down this week after how it became clear that the European Union, heavily dependent on Russian energy, would not join the US and UK in banning Russian oil.
Russia, the world's second largest exporter of crude oil after Saudi Arabia, exports about 3 million barrels of oil per day to European OECD countries.