International Oil Prices Plunge 12%... WTI at $108 Range

[Asia Economy New York=Special Correspondent Joselgina] International oil prices, which had soared due to Russia's invasion of Ukraine, plummeted double digits on the 9th (local time).

On the 9th (local time) at the New York Mercantile Exchange, the price of April West Texas Intermediate (WTI) crude oil closed at $108.70 per barrel, down $15 (12.1%) from the previous session. This is the largest daily drop since November 26. Earlier this week, WTI prices surpassed $130 per barrel amid heightened geopolitical tensions following the U.S. and U.K.'s suspension of Russian oil imports.

Brent crude also surged to $139 per barrel earlier this week, the highest since 2008, but fell sharply by 13% on the day to the $110 range.

This downward trend is interpreted as a result of growing expectations for increased production from oil-producing countries. The United Arab Emirates (UAE) announced it would request OPEC Plus (+) producers to increase output more rapidly. Iraq also stated that it could raise production if requested by OPEC+ producers.

The International Energy Agency (IEA), which had previously decided to release 60 million barrels from strategic reserves, has also indicated the possibility of further releases.

However, market experts note that volatility in the oil market remains high due to the ongoing Russian invasion of Ukraine. Ed Moya, senior market analyst at OANDA, said in an investor memo on the day, "Market volatility is still ongoing."

This content was produced with the assistance of AI translation services.