PFL Market Reports

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

Oil prices rose two per cent on Friday but notched their second straight weekly decline after countries announced plans to release crude from their strategic stocks. U.S. West Texas Intermediate (WTI) crude futures rose $2.23 to $98.26/bbl.

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Oil prices fell sharply today as large oil consuming nations said they would release oil from their reserves. IEA member nations agreed to release 120MM/bbls from their strategic reserves, which will include 60MM/bbls from the US.

Oil prices eased again today in another volatile session, under pressure from a new reported strain of Coronavirus and a strengthening USD.