Commodities News

Oil Down After 8 Weeks Amid Iran, Russia Rollercoaster

By Barani Krishnan — Oil traders, aren’t you glad it’s Friday?

Crude markets saw one of their worst rollercoaster weeks, with a barrel swinging $5 in a day, as traders reeled from the specter of new barrels coming to the market in the event Iran reactivates its nuclear deal with world powers to the likelihood of Russian oil being hit with sanctions next if Moscow invades Ukraine.

“Investors are having a hard time holding onto risk as the likelihood that the standoff between the West and Russia will ultimately lead to some ground conflict,” said Ed Moya, analyst at online trading platform OANDA.

“The US believes the risk is very high that Russia will invade Ukraine and that means Wall Street will remain jittery until we see a major de-escalation, which now seems unlikely.”

London-traded Brent, the global benchmark for oil, settled up 57 cents, or 0.6%, at $93.54 a barrel. For the week, Brent fell 1% for its first weekly decline, following eight weeks of gains that added some 27% to the global crude benchmark.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled down 69 cents, or 0.8%, at $91.07. For the week, WTI fell around 2%, its first weekly drop after an eight-week rally that netted the U.S. crude benchmark 31% in gains.

For a full breakdown of the Iran risk versus Russia risk in oil, click here:

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