It’s exactly one month since Russia invaded Ukraine, and the oil markets remain as volatile as ever with little clarity as to how direct and self-sanctions will impact Russian crude output as well as global oil demand. After the volatility-induced speculative unwind, which caused the 30% price fall from the 7 March high, oil prices have moved sharply higher over the past week.
Front-month Brent settled at $115.62 per barrel (bbl) on 21 March, a w/w increase of $8.72/bbl and $18.69/bbl above the 16 March intra-day low. The value of the…No One Really Knows What’s Next For Russian Oil
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