• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 4 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 18 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 6 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 8 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Breaking News:

Oil Likely To Hit $200: SEB Group

Oil Prices Go For Wild Ride On Heightened Volatility

Crude oil prices remain exceptionally volatile on Tuesday, with WTI fluctuating between sub-$100 and nearly $104 per barrel after sinking from more than $110 on Monday as bearish and bullish factors push and pull crude benchmarks.

Monday saw crude oil prices drop sharply as China lockdowns and Saudi Arabia’s crude oil price cutting contributed to worries about a possible slump in crude oil demand in the world’s top crude importer.

But oil prices seesawed on Tuesday as the EU continued to try to reach a consensus on a Russian crude oil ban. While it seems that any EU-driven crude oil ban would need to be tempered to get all parties on board with the plan, France’s European Affairs Minister Clement Beaune has said that a deal could be reached within a matter of days. On the bearish side, a strong dollar has made crude more expensive for any buyer using anything other than dollars. Adding to this bearish sentiment on Tuesday was a sharp selloff for equities.

The general unease that exists in the market has brought about a new type of volatility—volatility that swings in terms of dollars whenever anything of note—or not—happens, including Tuesday’s comments by the UAE and Saudi Arabia that suggested the world was running out of oil production capacity.

At 12:50 p.m. ET, WTI crude prices were trading down $3.18 (-3.08%) at $99.89—after falling and rising several times earlier in the day. Brent crude was trading down $3.52 (-3.32%) at $102.67 per barrel after whipsawing in a similar pattern to WTI.

Oil prices are expected to remain volatile on Tuesday, with API’s inventory report set to be released at 4:30 p.m. ET.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News