Oil prices fell today, posting a weekly loss of almost 5% as financials markets were down across the board.

Oil prices rose on Thursday, players were concerned about tightened supply as the EU is considering a potential ban on Russian oil imports that would further restrict worldwide oil trade

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Oil rose today as the shutdown of Libya’s biggest oilfield strained an already under-supplied market, which overshadowed signals that China’s drastic pandemic lockdowns are weighing on economic growth.

Oil prices settled higher on Thursday after an early decline as investors covered short positions ahead of the long weekend and on news that the European Union might phase in a ban on Russian oil imports.

Oil prices were higher again today despite a much larger than expected crude inventory build. The market has been volatile lately with 3%-4%+ swings in either direction.

Oil prices rallied today, after coming off in yesterday’s session as the supply side was the determining factor again today. Shanghai lockdowns have started to ease, as certain districts have been opening up after no new cases for 14 days.

Oil prices dived today as Brent settled below $100/bbl on Covid fears in China and product releases from strategic reserves. Fuel consumption in China is stalling with the lockdowns in Shanghai