The situation between Russia and Ukraine, the Iranian nuclear negotiations, caused oil prices to fall slightly

On February 18, WTI oil prices fell to $91.
07/barrel, and Brent oil prices rose to $93.
54/barrel
.
During the week, international oil prices fell slightly in a wide range of shocks, with WTI oil prices falling 2.
2% and Brent oil prices falling 1.
0%, the first decline
in nine weeks.
The tight supply and demand fundamentals support oil prices at a high level, while changes in the situation between Russia and Ukraine and the progress of negotiations on the Iranian nuclear agreement have led to wide fluctuations
in oil prices.

From a fundamental perspective, global oil demand is strong, significantly better than expected
.
The International Energy Agency believes that global oil demand in 2022 will exceed pre-pandemic levels of 100.
58 million b/d
.
The ability of oil-producing countries to increase crude oil supply is limited, OPEC production recovery is slower than the planned target, oil production of 7 of the member countries has declined, the state of supply shortage in the global oil market is difficult to change quickly, and the oil market maintains a destocking trend
.
These factors supported oil prices to remain high for a long time
.

Ukraine is an important energy channel in Europe, the recent escalation of the situation in Russia and Ukraine, the market is worried about the interruption of crude oil supply, prompting international oil prices to rise to a nearly seven-year high on February 14, Brent oil prices closed at 96.
48 US dollars / barrel
.
Oil prices were lower
as Russia announced its withdrawal from the Ukrainian border.

Iran is an important oil producer, Iran's chief nuclear negotiator Bagheri said on the 17th that it is closer than ever to reaching an agreement
.
This means that Iranian crude oil may return to the market, which is bearish for oil prices
.

Market analysts believe that in the first half of this year, the fundamentals of the oil market are difficult to fundamentally reverse, superimposed on geopolitical factors, international oil prices generally maintain a medium and high level of operation, closer and closer to the $100 / barrel mark
.
If the Fed raises interest rates and the Iranian nuclear negotiations are reached, oil prices will fall.