There is only one way oil prices are going to fall — by first rising even more. That is the growing consensus among Wall Street analysts, who say there is not enough supply to impede crude prices from their relentless surge.
Global benchmark Brent and U.S. crude futures have soared over 15% to around 10- and 14-year highs, respectively, since Russia invaded neighboring Ukraine last week. The benchmarks closed on Thursday at $110.46 a barrel and $107.67, respectfully.
Though global powers have unleashed a slew of sanctions that have so far stopped short of targeting Russian oil and gas exports, companies are avoiding Russian oil — tightening a market that was already struggling to keep up with demand that has roughly rebounded to pre-pandemic levels.
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