If you are the owner of an oil refinery, then crude is trading happily just a little above $110 a barrel — expensive, but not extortionate. If you aren’t an oil baron, I have bad news: it’s as if oil is trading somewhere between $150 and $275 a barrel.
Oil fluctuated as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and the impact of China’s energy-sapping lockdowns.
Oil held gains above $105 a barrel as investors weighed higher demand for refined products against a slew of lockdowns in major cities in China.
Oil is poised to eke out a fifth monthly advance after another tumultuous period of trading that saw prices whipsawed by the fallout of Russia’s war in Ukraine and the resurgence of Covid-19 in China.
Oil pushed lower at the start of the week on concerns that a spreading Covid-19 outbreak in China will weigh on global demand.
Oil fluctuated as China vowed to repair the economic damage caused by a spate of lockdowns, and crude supplies from Libya were disrupted.
Oil climbed as supplies from Libya were interrupted and Russia warned of the potential for record prices if more nations ban its energy.
Oil steadied in Asia after rallying back above $100 a barrel as Russian President Vladimir Putin vowed to continue the war in Ukraine, which has rattled markets and tightened global crude supply.
Oil resumed its decline as China’s virus resurgence worsened, raising concerns about demand from the world’s biggest crude importer.
Oil slid below $100 a barrel and is heading for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of strategic U.S. reserves to tame rampant prices
Oil rebounded in Asian trading as investors cautiously assessed the outlook for a de-escalation of Russia’s war in Ukraine, which has entered its second month and rattled markets worldwide.
Oil kept falling after capping the biggest loss in almost three weeks on concern that a virus flare-up in China will weigh on global demand.
Oil’s retreat took a breather after giving up most of the gains following Russia’s invasion of Ukraine, with attention turning to the prospect of reduced demand due to a Covid-19 resurgence in China.
The heat is coming out of the oil market, and fast.
Oil declined following a volatile week of trading after Ukraine’s president said talks with Moscow show signs of becoming more substantive, prompting some cautious optimism about steps toward deescalation.
Oil surged, briefly touching $139 a barrel, in a dramatic start to another tempestuous week after the US said it was discussing a ban on Russian crude imports, fanning supply fears in an already jittery market.
Brent oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the International Energy Agency (IEA) warned that global energy security is under threat following Russia’s invasion of Ukraine.
Oil soared at the open as energy and commodity markets were thrown into a state of disarray after Western nations unleashed more sanctions to isolate Russia following its invasion of Ukraine.
Oil pushed higher in Asian trading following a wild session in which prices spiked above $100 a barrel before giving up gains after Russian energy supplies were spared from sanctions.
Brent oil surged above $100 a barrel for the first time since 2014 as an attack by Russia on cities across Ukraine sparked fears of a disruption to the region’s critical energy exports.
Oil fell after Russia said some troops are starting to return to their permanent bases, easing geopolitical tensions that have rallied prices.
Oil surged at the start of the week as the possibility of war in Ukraine fanned demand, with the US benchmark nearing $95 a barrel.
Oil was steady in Asian trading after a surprise decline in US crude inventories tightened the market further amid signs of strong demand in the world’s biggest economy.
Oil edged higher after a two-day decline as an industry report pointed to shrinking US crude and gasoline stockpiles.
Oil headed for a seventh weekly gain as investors fret over a fast-tightening market, geopolitical tensions and freezing weather in the US.