Quote from: Sithara007 on April 05, 2022, 01:56:08 AM

Quote from: Ultegra134 on April 03, 2022, 05:31:09 PM

Anyway, could someone also explain why oil prices have frozen the past few days? They don't seem to be updating.

Initially the prices rose, because a lot of people thought that Russia won't be able to sell it's crude. But that is not the case, as countries such as China, India and Indonesia are mopping up the supplies from Russia at discounted rates. Even the United States has used this opportunity to increase the imports from Russia (and that is despite the "ban"). The supply crunch for crude oil has not worsened, despite the OPEC decision to not to increase the production. Unless the new set of sanctions explicitly target countries that purchase crude from Russia (that can't be ruled out, given the pro-OPEC leanings of Biden), I foresee the prices to remain in $100-120 per barrel range.

Yeah, there's still a market for Russian oil, despite the US ban, Asian countries are purchasing at discounted prices. Anyway, the future is still vague regarding oil prices, which are highly volatile, but I also project that the price will sustain at approximately $100/barrel.

Currently, after a small surge in prices, which climbed up to $107 for Brent (from $104), prices are plummeting, with WTI Crude trending at $96 and Brent at $101 as we speak. This huge volatility is causing major concerns about the future.