Investment banks have warned that oil could reach frightening figures by rising above $100 in the coming period.
West Texas Oil turned lower after hitting above $95 on Monday. Despite US warnings that Russia could invade Ukraine at any moment, Moscow again denied the invasion allegations, calling for diplomacy.
Although geopolitical risks in Europe will mark this week, there are signs that shale oil supplies will increase in the US, making progress in nuclear talks with Iran.
It is stated that both events may weaken the uptrend by increasing the oil flow.
However, some banks, which stated that oil could see 100 dollars, indicated that it could be 105 dollars in 2022.
On the other hand, RBC Capital Markets drew a pessimistic scenario and compared prices with the 2008 crisis and the 2011-14 Arab Spring period. Adapting these figures to the present day, the bank stated that if 4 dollars per gallon is seen, the prices of the barrels could reach 112 dollars.
West Texas Oil for March delivery fell 0.6 percent to $94.52 on the Nymex market.
Brent oil for April delivery fell 0.5 percent to $96.05 on the London ICE Futures Europe market.