Oil prices saw a decline for the second consecutive week, as the market continues to assess the impact of sanctions imposed on Russia against concerns about a potential supply glut.
West Texas Intermediate crude futures rose slightly by 0.5% to settle below $60 a barrel, but recorded a decline over the week. In addition to concerns about increased supply, oil prices were also affected this week by fluctuations in the stock markets.
In a related context, the measures taken by the White House to limit the purchase of Russian oil prompted “Gunvor Group,” one of the world’s largest oil trading companies, to withdraw its offer to acquire the international assets of “Lukoil,” which include stakes in oil fields, oil refineries, and gas stations. The fate of these assets remains pending and undetermined.
