Bearish Momentum Grows, But Traders Remain Bullish On Crude

With the Ukraine crisis on the cusp of entering its third month, oil markets have endured another wave of heightened volatility. After weeks of intense fighting at the besieged southeastern city, on Thursday, Putin claimed victory at Mariupol despite thousands of soldiers and civilians remaining holed up in a giant steel plant.

With Moscow promising not to storm the hold out, the crisis is likely to transition into a war of attrition with Russian officials hoping for the defenders to surrender after running out of food or ammunition while focus…