The energy sector has continued to defy the broad market selloff in the new year, with seven of Tuesday's top eight gainers on the S&P 500 being oil and gas stocks, thanks in large part to growing geopolitical tensions. WTI crude for March delivery closed +2.8% to settle at $85.60/bbl after losing 2.
2% on Monday, while March Brent crude ended +2.2% at $88.20/bbl. "Tensions are seriously heightened between Russia and the West, and if there is an invasion of Ukraine when energy markets are already so tight, the additional risk premium should…Has The Oil Market Flipped Into Surplus Territory?
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