Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Oil Down After 8 Weeks Amid Iran, Russia Rollercoaster

Published 02/19/2022, 04:26 AM
© Reuters.
LCO
-
CL
-

By Barani Krishnan

Investing.com -- Oil traders, aren’t you glad it’s Friday?

Crude markets saw one of their worst rollercoaster weeks, with a barrel swinging $5 in a day, as traders reeled from the specter of new barrels coming to the market in the event Iran reactivates its nuclear deal with world powers to the likelihood of Russian oil being hit with sanctions next if Moscow invades Ukraine.

“Investors are having a hard time holding onto risk as the likelihood that the standoff between the West and Russia will ultimately lead to some ground conflict,” said Ed Moya, analyst at online trading platform OANDA.

“The US believes the risk is very high that Russia will invade Ukraine and that means Wall Street will remain jittery until we see a major de-escalation, which now seems unlikely.”

London-traded Brent, the global benchmark for oil, settled up 57 cents, or 0.6%, at $93.54 a barrel. For the week, Brent fell 1% for its first weekly decline, following eight weeks of gains that added some 27% to the global crude benchmark.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled down 69 cents, or 0.8%, at $91.07. For the week, WTI fell around 2%, its first weekly drop after an eight-week rally that netted the U.S. crude benchmark 31% in gains.

For a full breakdown of the Iran risk versus Russia risk in oil, click here: https://www.investing.com/analysis/oil-iran-risk-vs-russia-risk-200618263

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.