Brent crude oil prices fall to $87.23 per barrel

Oil prices fell moderately on March 11 after their sharpest drop since March 2022 at the end of the previous session, Report informs referring to trading data.

The price of May Brent crude futures on London's ICE Futures exchange fell by $0.57 (0.65%) to $87.23 per barrel.

WTI crude oil futures for April on the New York Mercantile Exchange (NYMEX) electronic trading fell by $0.16 (0.19%) to $83.29 per barrel.

The day before, prices were pressured by US President Donald Trump's statements that the war with Iran is likely nearing an end. The president also announced his intention to ease oil-related sanctions against several countries to address rising prices.

Meanwhile, the International Energy Agency (IEA) is proposing to release a record volume of oil from strategic reserves to limit price increases amid the Middle East conflict.

According to sources, this volume would exceed the 182 million barrels released by IEA countries at the start of the Russia-Ukraine conflict in 2022. The decision is expected to be made on Wednesday. IEA member countries hold more than 1.2 billion barrels of strategic oil reserves, as well as 600 million barrels of state-owned industrial reserves.