Oil prices will continue to decline before the start of the war ends in Ukraine

Oil prices continued to decline, as it decreased at the beginning of the new week’s transactions today, as Brent crude prices decreased for global oil and West Texas Intermediate Mediterranean Crude for American Oil by about a quarter of a percentage point.
The decline in prices came in light of the hopes of termination soon, as the United States and Russia will start talks on peace in Ukraine, later this week in Saudi Arabia.
Fears of supplies are expected to decline, if any agreement to end the war includes lifting the sanctions imposed on Russia, especially on the oil sector.

Brent crude trading price

Brent crude was traded at a price of 74.66 dollars a barrel next April delivery, a decrease of 0.10% from its level at the end of the Friday trading, which witnessed its decline by 0.37%, after a decrease of 0.21% on Thursday, and by 2.4% on Wednesday.

West Texas Intermediate crude was trading at a price of 70.69 dollars per barrel next April delivery, a decrease of 0.03% from its level at the end of trading on Friday, which witnessed its decline of 0.60%, after a decrease of 0.14% on Thursday, and by 2.5% on Wednesday.