Oil continues to decline

Oil prices continue to decline after a sharp jump to multi-year highs in the region of $130 per barrel. The current Brent oil quote is $100.60, WTI crude is trading near $97.16 per barrel. 

Market participants are following the development of Russian-Ukrainian negotiations and attempts by the United States to increase the supply of hydrocarbons from Venezuela. The news about a new outbreak of coronavirus in China has an additional impact on the market.

Oil investors remain hopeful that the resumption of negotiations between Russia and Ukraine may eventually lead to a truce agreement. These expectations inspire some optimism about the improvement of the situation in the global market. 

An additional positive factor was media reports that the United States is considering lifting some sanctions against Venezuela in order to increase oil supplies against the background of historically low levels of diesel fuel supplies.

The market is also analyzing the situation with a new outbreak of coronavirus in China and the introduction of new restrictions and lockdowns in the country. Analysts fear that these measures may again lead to a decrease in demand.