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Oil settled lower after a volatile session, a day after its biggest daily dive in two years. Brent settled at $109.33 and WTI at $106.02 after Russia pledged to meet its contractual energy obligations.
Some traders argued that supply disruption fears were overdone.
Russia's pledge to keep supplying contracts reduces the risk of lost Russian crude, which lowers the energy price premium. Lower oil costs ease input pressure on feed and biofuel markets.
cnbc.comReutersMar 10, 2022
reuters.comShariq KhanMar 10, 2022After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Russia's pledge to fulfil supply contracts and views that disruption fears were overdone pushed prices lower again on March 10.
Oil settled lower again as Russia pledged to honor supply contracts and traders judged disruption fears overdone.
Oil settled lower again as Russia pledged to meet supply contracts and traders judged disruption fears overdone.
