WTI slumps back to $93.00 area as US/EU sanctions avoid Russian energy, Biden signals SPR release By Frank_Macro Oil WTI RussianFederation Ukraine
crude oil prices
Analysts at UBS noted that Russia is the world’s third-largest producer and second-largest exporter of crude oil. “Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions” they said. But concerns about global supply disruption eased later in the session as it become clear that US and EU sanctions on Russia would not target its energy sector, resulting in the sharp pullback.
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