Brent Oil at $108.50 after Wild Ride

Oil was whipsawed on Thursday, as geopolitical risks over the on-going crisis in the Ukraine, competed with economic data that pointed to weaker demand.

Crimea’s Moscow-backed parliament voted to allow the southern Ukrainian region to become part of Russia on Thursday, as the U.S. ordered asset freezes and travel bans on a list of individuals it said were involved in Russia’s military intervention.

U.S. oil rose to a five-month high on Monday amid fears of an armed conflict with Russia, the world’s second largest oil producer, but has since given back all of its gains as domestic economic factors weighed. In choppy trading Thursday, U.S. crude sank as low as $100 before settling up 11 cents at $101.56.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.