Oil
The price of WTI crude oil is hedging up during early Thursday trading, amidst volatile markets that saw the cost of the barrel drop more than 12% during the previous session. Oil price fluctuations are due to uncertainty amongst traders over whether other major exporters will step up production and fill in the gaps left by the progressive withdrawal of Russian oil from the markets. Some nations, such as the UAE and Saudi Arabia, still have spare production that could be deployed to global markets to alleviate the supply side pressures that are being exacerbated by the embargo on Russia. However, conflicting messages from those countries are leaving the market guessing what their stance on the issue really is, creating conditions that may lead to further price volatility.
Ricardo Evangelista – Senior Analyst, ActivTrades
