Crude Oil Prices Remain Volatile Hits Highest Level Since 2008

(B – Trams /  MAR 03 , 2022 / 9:30 PM)

WTI : Crude oil  slipped from their highest level since 2008 on Thursday in a choppy session that saw the US benchmark dive from an intraday high of $116/barrel to around $110/barrel.

BRENT :  Crude futures slipped from their highest level since 2013 on Thursday in a choppy session that saw the UK benchmark dive from an intraday high of almost $120/barrel to around $112/barrel.

The shift in sentiment came amid a report of a deal with Iran that could allow it to export more oil. Iran can reach the maximum oil production capacity in less than one or two months if sanctions are lifted.

According to Oil Minister Javad Owji. Earlier today, the US oil benchmark surged more than 5% to $116, a level not since September 2008, on fears of further supply disruptions from Russian sanctions over its invasion of Ukraine.

The US took aim on Wednesday at Russia’s oil refining sector with sweeping new export restrictions but has so far fallen short of targeting Russia’s oil and gas exports amid concerns over surging energy prices.