Oil at daily lows after UAE stance

The second part of the day brings a continuation of the rallies on US Wall Street. The risk-off sentiment dominated the day's trading, which was negatively reflected in crude oil prices, which plunged after the United Arab Emirates filed a request to the OPEC cartel to increase production of the "black gold". Interestingly, the UAE became the first member of the cartel to request an increase in production in the face of the war in Ukraine. As a reminder, the DOE report on oil stocks showed a decline in all groups of oil products. Distillate stocks fell to their lowest level since November 2014. Yesterday, the decision to ban Russian oil imports was taken by the US and the UK. The oil situation seems to be very chaotic at the moment, nevertheless, we continue to see Brent and WTI crude oil prices sliding.

Decline in inventories of oil and other petroleum products. Source: Zerohedge via Bloomberg

On the geopolitical front, calls for an end to the conflict are becoming more and more visible. The President of Ukraine has made it clear that his country is ready for a diplomatic solution to the conflict if only both nations make concessions. The Russian side has also offered its peace terms.

WTI crude oil prices are seeing declines today as hopes for an end to the conflict increase. Source: xStation 5

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Oil at daily lows after UAE stance

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