Crude oil at lowest since April; Brent at USD 103 and WTI dips below USD 100
Immediately following Russia’s invasion of Ukraine on 24 February 2022, crude oil prices increased on fears of supply disruption. In less than two weeks, Brent prices rose from USD 97/barrel to USD 128/barrel. Since then, Brent prices have consistently been above USD 100 and above USD 110 since mid-May. On 5 July, Brent dropped to USD 102.77 and WTI ended at USD 99.50. Some analysts now predict even lower prices before the end of the year.
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Posted:
07 July 2022
BIMCO's Shipping number of the week
- Container ship contracting spree now exceeds 10 million TEU
- Product tanker contracting hits 18-year high after 17% rise y/y
- US grain exports seen rising 12%, but sailing distances could shorten
- India now depends on Russia for 40% of its crude oil imports
- Container ship fleet expands by 11%, fastest growth in 15 years
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