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  • Writer's pictureanalysiswatch

Title: Oil Eases on profit-taking, Russia-Ukraine conflict remains key focus

Feb 15, 2022 02:56AM ET

By: AnalysisWatch

Oil prices slipped on Tuesday as investors took the previous day's gains, which had hit a seven-year high, and global stock markets slumped, although lingering concerns that Russia could invade Ukraine and disrupt energy supplies limited losses.

Brent crude futures were at $95.60 a barrel at 07:47 GMT, down 88 cents, or 0.9%, after rising $2.04 on Monday.

US crude West Texas Intermediate was down 92 cents, or 1.0%, at $94.54 a barrel after rising $2.36 the previous day.

On Monday, both benchmarks reached their highest levels since September 2014, with Brent hitting $96.78 and WTI $95.82.

Russia is one of the world's biggest oil and gas producers, and fears that the country could invade Ukraine have pushed oil prices towards $100 a barrel, a level not seen since 2014.

Investors are also watching the talks between the United States and Iran. Iran's foreign minister said Iran was in a "hurry" to reach a quick agreement at the nuclear talks in Vienna, provided its national interests are safeguarded.

The Russian Foreign Ministry said that Russian Foreign Minister Sergei Lavrov spoke with his Iranian counterpart Hossein Amirabdollahian on Monday and they noted "tangible progress" in reviving the nuclear deal with Iran, the Russian Foreign Ministry said.

In a bid to prevent war, German Chancellor Olaf Scholz travels to Moscow on Tuesday to meet with President Vladimir Putin. Russia's largest trading partner in Europe is threatening far-reaching sanctions if Russia attacks Ukraine.

Meanwhile, an upward revision of historical oil demand in the International Energy Agency's monthly report points to a tighter global market than the Western energy watchdog had previously assumed.

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