The global benchmark Brent crude contracts ended the trading session as low as $1.84, or 1.9 percent, to record at a settlement of $92.97 a barrel, while West Texas Intermediate crude contracts closed as low as $1.90 or two percent at $91.76 a barrel.
The two benchmarks hit their highest levels since September 2014 earlier in the week, and both continue to face a market structure in which spot contracts are more expensive than futures contracts, reflecting tight supply in the market.
US State Department spokesman Ned Price said, on Wednesday, that the United States is in a state of emergency "Amidst the very last stages" One of the indirect talks with Iran aimed at salvaging the 2015 nuclear deal.
However, tension persisted over Possible Russian invasion of Ukraine In support of oil markets, due to the possibility of disruption to Russian energy supplies.
and deny Russia Having no plans to invade her neighbour.
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Stephen Brennock, from BVM Oil Brokerage, said:oil market Trapped between tug of war due to the possibility of Iranian sanctions relief as well Russian-Ukrainian tensions“.
The global benchmark Brent crude contracts ended the trading session as low as $1.84, or 1.9 percent, to record at a settlement of $92.97 a barrel, while West Texas Intermediate crude contracts closed as low as $1.90 or two percent at $91.76 a barrel.
The two benchmarks hit their highest levels since September 2014 earlier in the week, and both continue to face a market structure in which spot contracts are more expensive than futures contracts, reflecting tight supply in the market.
State Department spokesman Ned Price said on Wednesday that the United States was in the “very final stages” of indirect talks with Iran aimed at salvaging the 2015 nuclear deal.
However, tension persisted over Possible Russian invasion of Ukraine In support of oil markets, due to the possibility of disruption to Russian energy supplies.
and deny Russia Having no plans to invade her neighbour.
