A barrel of crude is now quoted around $111 compared to $57 a barrel one year ago on a toxic combination of tight supply and the ongoing crisis in Ukraine. IG retail trade data shows a massive build-up of net-short positions over the last few days.
jumping ever higher. A barrel of crude is now quoted around $111 compared to $57 a barrel one year ago. The war in Ukraine is the main driver of oil prices currently but with the oil market tight going into the crisis, the lack of supply is also helping to ratchet the price higher. The latest OPEC+ meeting started yesterday and resumes today, and with little to no additional supply expected from the cartel, the price of oil will remain heavily underpinned.
Yesterday the US and its allies announced that they would release 60 million barrels of oil from their strategic reserves to help allay the current shortage, however with global oil consumption seen around 96 million barrels a day, the release of these reserves had no effect on the price of oil. The monthly Brent crude chart shows current price action in the middle of a multi-year sideways range seen between January 2011 and October 2014. Oil prices were driven higher in early 2011 by political turmoil in Egypt, Libya, and Bahrain and topped out in March 2012 around $128/bbl.
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