Oil has been wracked by intense volatility over the past six weeks as Russia’s invasion of Ukraine roiled commodity markets. In response to the war, Washington and its allies have been trying to punish Russia economically, while also moving to stem the rise in energy prices that’s fanning already-elevated inflation. The scale of the combined crude releases is unprecedented.
Oil rebounded after a steep slump that was triggered by prospects for further crude releases from strategic reserves, the outlook for tighter U.S. monetary policy and weaker demand in virus-hit China.
West Texas Intermediate rose past US$97 ($131.89) a barrel after retreating by more than US$5 on Wednesday after the International Energy Agency said that U.S. allies will deploy 60 million barrels from stockpiles. That’s on top of the 180 million-barrel release already announced by President Joe Biden.
