Oil buyers have been paying the biggest premiums on record for barrels delivered now rather than later, signaling expectations that high fuel prices will reduce consumption and encourage drilling to replace Russia’s crude
Lower prices for oil later this year and into 2023 reflect expectations of diminished demand, increased production
Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil costs could further boost inflation across the U.S. economy. Photo illustration: Todd JohnsonOil buyers have been paying the biggest premiums on record for barrels delivered now rather than later, signaling expectations that high fuel prices will reduce consumption and encourage drilling to replace Russia’s taboo crude.
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