UNITED STATES – Global oil prices fell as hopes of a Russia-Ukraine energy ceasefire fuelled expectations of increased oil supplies. Brent crude declined to USD 103.35 per barrel, while West Texas Intermediate (WTI) dipped to USD 90.55 per barrel. However, continuous violence in the Middle East and interruptions to critical shipping routes heightened fears about global oil supply. Oil markets have remained unpredictable due to uncertainty, which may have an impact on refinery operations, production costs, and the competitiveness of re-refined base oils.
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(Source: Reuters)