WTI hits fresh multi-year highs in mid-$88.00s before bout of proft-taking sends prices back to mid-$86.00s By Frank_Macro Oil WTI OPEC
rpassed the $88.00 level for the first time since October 2014 in the last few hours, finally managing to surpass last week’s highs just under $88.00 after failing on Wednesday in wake of the hawkishmeeting. However, profit-taking in the last few minutes has seen WTI give up its earlier session gains and slip back into the mid-$86.00s, where it trades down by slightly more than 50 cents on the day. At current levels near-$86.
According to Reuters, tensions between NATO/Russia/Ukraine have been “fanning fears of disruption of energy supplies to Europe”. “A more pronounced price slide is being prevented by the Ukraine crisis, as there are still concerns that Russian oil and gas deliveries could be hampered in the event of a military escalation,” analysts at Commerzbank said. Meanwhile, oil market analysts remain concerned about the struggles faced by smaller OPEC+ producers in lifting oil output.
prices this week from bearish US inventory data, which showed a surprise 2.4M barrel inventory build last week.
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