At the close, Brent oil (world benchmark) expected for January fell 2.70%, quoted at $58.92 per barrel on the Intercontinental Exchange (ICE). WTI (American benchmark) whose delivery is scheduled for February fell 2.73%, to $55.27 per barrel, on the New York Mercantile Exchange (Nymex).
Commerzbank analysts, however, believe that the weakness in oil prices could be exaggerated. “A significant expansion of Russia’s oil supply is unlikely as the country is subject to OPEC+ production targets and is already producing near its own capacity limits,” they said in a note.
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