International oil prices plummeted for three consecutive trading days./Photo=Image Today International oil prices plunged for three consecutive days.
On the New York Mercantile Exchange on the 16th, the US West Texas Intermediate futures for April delivery fell by 1.40 dollars from the previous trading day to 95.04 dollars per barrel. Britains North Sea Brent crude for May contract fell by $1.89 to $98.02 per barrel.
Oil prices fell on hopes for a ceasefire between Russia and Ukraine and a surge in US crude inventories.
Ukraines President Volodymyr Zelensky said negotiations with Russia were approaching more realistically. Russias foreign minister said some conditions in negotiations with Ukraine were almost met.
Last week, the US crude oil inventories increased by 4.3 million barrels, which was the opposite of what was expected. Brent crude rose 28% in the previous six trading days and then plunged 24% in the six trading days leading up to the 16th.
The international gold price, a representative safe-haven asset, fell. On the New York Mercantile Exchange, April gold futures fell $20.50 an ounce to close at $1909.20.