The oil price rally has really cooled down over the past two weeks, with oil prices declining to levels last seen prior to Russia's invasion of Ukraine. Brent oil (CO1:COM) prices fell ~2% Thursday to trade below $100/b, while the price for a barrel of Brent for June 2022 delivery has fallen from $127/b one month ago to $99/b today.
Pandemic-related lockdowns in Shanghai, slowing U.S. oil demand growth, and a historic strategic petroleum reserve release have all contributed to the selloff. Interestingly, medium-term prices have hardly budged as…Tight Oil Markets Are Sending Fuel Margins Through The Roof
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