Oil prices were lower today in another volatile session. Crude prices have been under pressure for weeks as fears mounted that a recession could cut oil demand with both contracts falling more than 10% last week. Ukraine halted oil flows on the Druzhba oil pipeline to parts of central Europe because Western sanctions had prevented a payment from Moscow for transit fees from going through. Oil initially moved higher on the pipeline news and expectations that the shutdown would tighten supplies, but prices reversed course as details became clearer about what caused the disruption and that flows were expected to resume within days. “Considering the fact it is not the Russian side shutting downpipe, but the Ukrainian side, it would figure to be a situation that can be resolved sooner rather than later,” Bob Yawger, director of energy futures at Mizuho in New York, said in a note. WTI traded down 0.26 or -0.3% to close at $90.50. Brent traded down $0.34 or -0.4% to close at $96.31.<\/p>\n\n\n\n
Oil prices were lower today in another volatile session.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n