Oil prices dip as traders monitor Ukraine tensions
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E-mail Xinhua, February 16, 2022
Oil prices finished Tuesday's session with marked losses as traders eyed updates on the Ukraine crisis.
The West Texas Intermediate for March delivery lost 3.39 U.S. dollars, or nearly 3.6 percent, to settle at 92.07 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery decreased 3.2 dollars, or 3.3 percent, to close at 93.28 dollars a barrel on the London ICE Futures Exchange.
Ukrainian government officials on Tuesday called for more diplomatic and practical international efforts to de-escalate tensions between Ukraine and Russia.
As tensions on the Ukrainian situation keep mounting, multiple countries have been engaged in shuttle diplomacy, trying to de-escalate the crisis.
Traders also looked ahead to data on U.S. crude stockpiles as the U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday.
Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a fall of 200,000 barrels for the week ending Feb. 11.
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