Crude oil turns negative after this morning's gains, earlier reaching nearly $115 for WTI crude. The latest reports indicate that the entire process of imposing an embargo on Russian oil by EU countries has been delayed. Apart from that, other news talks about record supplies of Russian oil to China and Russia. Following this news, oil is retreating.
Of course, we also have the other side of the coin. OPEC meets next week and Saudi Arabia has indicated that it will not save the world from high prices by increasing production. Saudi Arabia representatives at the Davos conference indicated that the country is doing everything it can to stabilize oil prices. In addition, it seems that an agreement with Iran is ruled out in the near future, and the summer season may increase demand for fuels, whose stocks are relatively low.
OIL.WTI reverses after reports that the process regarding the EU embargo on Russian oil will be significantly delayed. Source: xStation5
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