According to the German Federal Statistical Agency, oil imports from Russia to Germany fell by 99.9% in January. Thus, Berlin succeeded in completely abandoning Russian black gold. Meanwhile, after the collapse of major US banks, commodity prices on European stock exchanges are unstable.
The Bloomberg news agency reports that the price of a barrel of oil fell below $80 at an auction in London. Biden’s unintelligible speech after three major banks were suspended at once only worsened the situation in global financial markets.
The incident impacts markets around the world and causes the dollar to fall. The risk of a recession in the United States has seriously increased. Oil prices are volatile this year on fears of US fiscal tightening and optimism for China’s economic recovery
Ole Hansen, head of commodities strategy at Saxo Bank, quotes Bloomberg.
The decision of Russia’s largest oil importer also influenced lower oil prices. The Indian authorities have announced that they will not violate Western sanctions against the Russian Federation, in particular the limitation of the price of oil. However, market participants are still optimistic about the future. Saudi oil giant Saudi Aramco expects global oil consumption to rise by the end of this year to 102 million barrels per day.
