US, WASHINGTON (ORDO NEWS) — While trading in financial markets is closed in Russia, global markets today will continue to work. Oil prices started to decline, as of 15:00, contracts for Brent brand mix lose almost 3% and cost about $ 30, WTI is also reduced by 3% and costs $ 25.35.
However, it’s not worth dramatizing the situation yet. The oil market is now very volatile and daily runs around 5-10% in different directions.
True, it is worth noting that pretty soon the expiration of contracts for WTI will come – May 19. Last time, everything ended in a collapse, prices went to negative territory.
On the other hand, the situation will most likely not be repeated. The largest oil exchange fund USO reallocated its portfolio to long-term contracts, other market operators also advised clients to close their positions in near-term futures, so there should not be such pressure and forced liquidation.
Nevertheless, the expiration factor will influence the market, and this point needs to be kept in mind.
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