Oil up 5% on week after swinging on Mideast, US crude build and Russia
Investing.com - “Never a dull moment in the oilfield,” oil services firm Panther says on its website. By that extension, of course, are the oil markets, which seldom go beyond a day, or even hours, without drama.
Friday was one such day. Crude prices jumped 5% — on the way to finishing the week with the same heightened nerves as they began — as the White House announced its first sanctions on companies aiding Russia in selling oil at above the $60 per barrel cap set by the United States and its allies. In between that and Monday’s 4% rally triggered by Palestine militant group Hamas’ attacks on Israel that ignited the Middle East’s all-new war, the market plunged on the largest USPrices shot back higher from a combination of the crackdown over Russia’s breach of the G7 price cap on oil — which could worsen the so-called ‘tight oil market’ narrative wired more into the brain of oil traders than anything else — and on the Mullah leadership in Tehran looking eager to jump into the Middle East...
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