Oil prices fall as fears of supply disruptions ease

World oil prices fell this afternoon, while investors continued to monitor the situation between Russia and Ukraine and assess the likelihood of supply disruptions, Report informs.

Brent's May futures fell by 0.03% to $91.35 per barrel, and WTI April futures went down by 0.17% to $90.06.

Oil prices are affected by developments around Russia and Ukraine. Tensions in relations between the countries create the risk of supply disruptions, but these fears have abated after reports of a likely meeting between Russian President Vladimir Putin and US President Joe Biden.

Besides, investors continue to follow the negotiations between the US and Iran. If negotiations are successful, Iranian oil may return to the world market, which will create additional supply.

Negotiations are underway in Vienna on the resumption of the Joint Comprehensive Plan of Action (JCPOA) and the lifting of US sanctions against Iran. On December 27, the eighth round started. Even during the seventh round, in December, the parties reached an agreement on two draft agreements.